RBI chief says expect banks' lending rates to come down

​Reserve Bank of India Governor Duvvuri Subbarao said he expects banks' lending rates to come down and there was no cause for complaint on monetary policy transmission.

The RBI cut cash reserve ratio (CRR) for banks by 50 basis points on Tuesday to ease tight liquidity, signaling a policy shift towards reviving growth after nearly two years of fighting inflation.

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State Bank of India Chairman Pratip Chaudhuri, in a news conference after the central bank's policy review, said banks may reduce lending rates for select sectors including those that are seeing higher demand for credit and lower level of defaults.

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