......Banks want that they should be freed of the burden to collect taxes on interest earnings. If that is done, more funds would flow in. If deposit rates are to remain at around six to eight per cent, lending rates have to remain at least two percentage points higher than that. Can a slowing economy afford that? Possibly not. But it also calls for taking steps that are beyond the purview of the RBI. During last over three years little has been done to pep up the economy and check prices. The RBI is rightfully apprehensive of an economy that shows little growth.
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