Repo rate cut to likely reduce bank deposit rates, drive PSU customers to private banks: Former SBI Chairman
The Reserve Bank of India’s (RBI) decision to reduce Repo Rate by 40 bps will force public sector banks to reduce their deposit rates, which could further push people to go to the private banks for higher interest rates, former State Bank of India (SBI) Chairman Pratip Chaudhuri told Zee Business Managing Editor Anil Singhvi
This may lead to a banking crisis similar to what happened with the Yes Bank, Chaudhury opined