Cost of borrowing very stressful, banks need to make interest rates affordable: FM

Mumbai, Nov 18: Union Finance Minister Nirmala Sitharaman on Monday said bank interest rates are very stressful for some people, and steps are needed to make them affordable.

Amid widespread concerns about a possible slowdown in economic growth, the finance minister assured that the government is fully aware of the domestic and global challenges, and added that there is no need to have “undue concerns”.

“What is important is when you look at India’s growth requirements, and you can have so many different voices coming out and saying the cost of borrowing is really very stressful, and a time when we want industries to ramp up and move (to) building capacities, bank interest rates will have to be far more affordable,” Sitharaman said.

Speaking at the annual business and economic conclave organised by SBI, the minister also asked banks to concentrate on their core function of giving loans and added that the “misselling” of insurance products also indirectly adds to the cost of borrowing for an entity. (PTI)

Hot this week

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

Meghalaya Biological Park Inaugurated After 25 Years: A New Chapter in Conservation and Education

Shillong, Nov 28: Though it took nearly 25 years...

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...

Improved infrastructure to strengthen cross-border trade: Mizoram CM Lalduhoma

Aizawl, Jun 26: Mizoram Chief Minister Lalduhoma on Wednesday...

Manipur Police arrests four members of inter-state gang of arms dealers

Imphal, Jun 26: Manipur Police arrested four members of...

2 dead, 20 feared swept away in Kangra as cloudbursts, flash floods and heavy rain batter HP

Shimla/Dharamshala, June 25: Two persons died while about 20...

Pistol, ammo recovered from stream, cash found in car  

Honeymoon murder: Breakthrough in Indore by Meghalaya police   Shillong, June...

Govt assures safety of border residents  

Formal announcement on ‘resolved areas’ on August 15: Paul   Shillong,...

Tension erupts along Meghalaya-Assam border

Mob of 400 destroys ‘illegal’ plantation at Tahpat, sets...

ONGC advances well control at RDS site amid flood, safety hurdles

Guwahati, June 25: The Oil and Natural Gas Corporation...
spot_img

Related Articles

Popular Categories

spot_imgspot_img