Interest rates on deposits, lending are deregulated; banks free to decide rates: RBI Guv Shaktikanta Das

On August 10, FM Nirmala Sitharaman participated in a meeting with the members of the Central Board of Directors of RBI in New Delhi. RBI Governor Shaktikanta Das was also in attendance. During the meeting, the RBI governor emphasized that banks have the freedom to decide interest rates, emphasizing that interest rates on deposits and lending are deregulated. “Banks fix their deposit rates, and they fix their interest rates. The position of the situation could vary from bank to bank. I think our real interest rates have not been very volatile. They’re fairly stable,” RBI Governor said.