‘Reform Measures For Banks Already Kickstarted'

Finance Minister cites reduction in interest rates, launch of more repo rate-linked loan products

Finance Minister Nirmala Sitharaman on Friday said that several steps had already been taken to implement the reform measures she had announced last week for the banking sector, including the launch of more repo ratelinked loan products by banks.

“The seven announcements we have made, particularly on the interest rate reduction and also for the banks to follow up, you’ve had quite a few product launches by the public sector banks and instructions for compliance have all been issued,” Ms. Sitharaman said at a press conference on Friday to announce the second wave of reforms the government is initiating to revive the economy.