Interest rates

Sir, - The recent reduction in bank rate is quite uncalled for especially at a time when the banking sector is faced with huge non-performing assets.

There has been a clamour for lower interest rates from industries and the business class alike citing the lower interest rates prevailing in developed countries.

But what they do not reckon with is that India does not compare itself favourably with the developed nations.

The Reserve Bank says that inflation is under control. But the common man who goes out to shop feels the pinch.

P. V. Raman,

Chennai

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