PSU Banks Cut Fresh Deposit Rates More Sharply Than Private Lenders in September, RBI Data Shows
Public sector banks reduced interest rates on fresh term deposits more aggressively than private lenders in September, according to Reserve Bank of India data, signalling continued pressure on funding costs across the banking system. At the same time, fresh rupee loan rates eased at state-run banks while private banks held lending rates steady, pushing the weighted average lending rate on new loans down to 8.51% from 8.61% in August.
