- Stock Market Outlook: Our dependence on US market limited now, next 10-15 years belong to India, says Anil Singhvi | Here's why
- Toyota Hyryder Unveiled: Toyota India unveils new self-charging hybrid electric SUV in India; check details
- Virtual Digital Assets: VDAs to attract 1% TDS from today; know what CBDT says about new norms
- Gold Price Today: Yellow metal surges by over Rs 1000 as excise duty hiked to 12.5% - check gold rate in your city
- Monsoon session of Parliament to begin on July 18; to end on August 12
SBI chairman on state of economy: Stimulus needed, credit demand muted
Amid the economy roiling through a slowdown in demand and consumption, State Bank of India (SBI) Chairman Rajnish Kumar on Sunday raised the pitch for a stimulus, saying that the credit demand remains subdued.
Though lack of credit demand exists in the economy, there is no supply-side constraint as the public sector banks are well-capitalised, he said.
"Demand for credit in the economy is subdued. There is a need for stimulus in the economy," Rajnish Kumar told media here.
The SBI chief was in the city to attend the multi-level consultation programme with SBI branch managers in the region.
"There is no supply-side constraint. More or less, the public sector banks are well capitalised and bank rates also moderated," he said while expressing hope that the monsoon will have a positive impact.
Increased spending by the government and the upcoming festival season would boost demand, Kumar pointed out.
Intensifying the efforts to find ways out of pressing issues of tax surcharge on the super rich, the slowdown in the auto and housing sector, the Finance Ministry and the Prime Minister`s Office (PMO) are constantly holding meetings to come out with solutions to tackle the near-stagnant economy. They are discussing options and solutions on tackling the slowdown in the auto, realty sectors and and also on the equity market, being battered by FPIs.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.