Indian banks will cut lending rates after the central bank reduced its key interest rate by 25 basis points on Tuesday, the head of industry body Indian Banks' Association, K R Kamath, said in a post-policy conference.
State Bank of India Chairman Pratip Chaudhuri also said banks are likely to cut lending rates. Banking, securities cos to spend Rs 41k cr on IT: GartnerThe RBI lowered its key policy rate for the first time in nine months on Tuesday, but struck a cautious note on further easing as it waits to see how the government's upcoming budget aims to bring a bloated fiscal deficit under control.
(For main story -- RBI cuts repo rate, CRR by 25 basis points, click http://in.reuters.com/article/2013/01/29/india-rbi-policy-review-repo-rates-idINDEE90R0GI20130129)
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