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Reduce Bank Interest Rates & Bring Transparency in Rates

This petition had 8 supporters

Every middle class person takes loans for different purposes. I also took a home loan. I can't understand one thing though. Whenever RBI increases its Repo rate, All Banks quickly pounce upon and increase the Interest rate within a span of hours. But the same eagerness is not shown whenever there is a reduction in Repo rates. They take days and weeks to evaluate and very miserly pass a rate cut. There is clearly 2.3 basis points difference in both the rates. Instead of increasing their operational efficiency they are hammering us with high rates. RBI and Finance ministry should ensure the rate cuts/increases be passed on to the customers in the same time frame, and erring banks to be taken to task. As assessment of customer and property is done based on a fixed criteria, customers are to be given a chance of changing the loans from bank to bank on the lines of mobile number portability. This will certainly stop fleecing customers by banks. Genuine middle class customers are loosing a lot on this Interest Rates.

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