.........Meanwhile, the RBI has sent out a contrarian signal by ` persuading’ banks to offer cheap loans for buying consumer durables. A couple of public sector banks, already groaning under huge nonperforming assets, have felt obliged to cut the lending rate for buying scooters, television sets, etc. The last monetary policy review had seen the central bank tighten liquidity. In fact, a few days ago, it had clamped down on the zero- interest schemes that were offered by makers of consumer durables during the festival season. According to reports, the central bank was pressured by the finance ministry to try and neutralise the effect of that ban by persuading public sector banks to lower interests for borrowers intending to buy consumer goods this festival season. Otherwise, one cannot see the RBI squeezing liquidity..........
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