Kochi, May 9: The Kerala Chamber of Commerce and Industry has urged RBI to ensure that reductions in repo rates are passed on by commercial banks to customers. Mr K.N. Marzook, chairman, Kerala Chamber of Commerce and Industry, in a representation submitted to the RBI Governor, said that majority of the commercial banks have not passed on the 0.5 per cent reduction in repo rate to customers. The banks are still charging interest on the higher rate on loans taken for business purposes, home loans and vehicle loans, he said. He also pointed out that most of the banks are still demanding and collecting pre-payment penalty charges from customers even though it was abolished by RBI.
HBL
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