Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Rates of reform    </title>
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One of the standout features of the monetary stimulus in India has been the wide divergence between the RBI&rsquo;s policy rates and the actual lending rates of banks &mdash; the latter haven&rsquo;t fallen nearly as much as the RBI would..."/>
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One of the standout features of the monetary stimulus in India has been the wide divergence between the RBI&rsquo;s policy rates and the actual lending rates of banks &mdash; the latter haven&rsquo;t fallen nearly as much as the RBI would..." />
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                            <p align="justify"><font >One of the standout features of the monetary stimulus in India has been the wide divergence between the RBI&rsquo;s policy rates and the actual lending rates of banks &mdash; the latter haven&rsquo;t fallen nearly as much as the RBI would have liked. On Wednesday, Governor Subbarao ticked Indian banks off for the stickiness and non-transparency in lending rates and urged them to get out of the mindset which has led to &ldquo;boring&rdquo;, excessively conservative banking. The problem of non-transparency is well-identified and has a ready solution. </font></p><p align="justify"><font >The core of the problem is what banks call their benchmark prime lending rate (BPLR). It is this rate which has been many percentage points higher than the RBI&rsquo;s repo rate. However, a lot of lending, particularly to prime borrowers (mostly big business), takes place at rates much lower than the double digit BPLR. At the same time, small businesses and individuals often pay rates much higher than the BPLR. The combination makes the BPLR meaningless and there is therefore no transparency in lending rates. However, an RBI committee has already recommended replacement of the BPLR with something called a base rate, which will be directly linked to deposit rates offered by each bank. This will create a floor on which banks will additionally charge their costs and a risk weightage. </font></p><p align="justify"><font >One of the reasons for stickiness which will not go away with the base rate is the high operational costs incurred by Indian banks. Subbarao has urged banks to cut down on costs by improving efficiency. They may yet follow his advice, but the only way to enforce efficiency is to increase competition. The RBI has let Indian banking be too insulated from competition for too long. It is this insulation from competition which ultimately leads to boring banking as well. It is easy enough to make handsome profits without doing the kind of lending the fast-growing real sector needs. As Subbarao said, banks need to step up on financing infrastructure. In other more advanced economies, non-banking financial institutions perform this role, but in our relatively under-developed financial system, banks need to fill the gap. The time for celebrating survival in the financial crisis is over. Indian banks need to move to the next level.</font></p>                                                           
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    <br><a href="http://www.indianexpress.com/news/rates-of-reform/546854/" class="re" target="_blank">The Indian Express, 27 November, 2009, http://www.indianexpress.com/news/rates-of-reform/546854/</a><div class="clear"></div>
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                            <p align="justify"><font >One of the standout features of the monetary stimulus in India has been the wide divergence between the RBI&rsquo;s policy rates and the actual lending rates of banks &mdash; the latter haven&rsquo;t fallen nearly as much as the RBI would have liked. On Wednesday, Governor Subbarao ticked Indian banks off for the stickiness and non-transparency in lending rates and urged them to get out of the mindset which has led to &ldquo;boring&rdquo;, excessively conservative banking. The problem of non-transparency is well-identified and has a ready solution. </font></p><p align="justify"><font >The core of the problem is what banks call their benchmark prime lending rate (BPLR). It is this rate which has been many percentage points higher than the RBI&rsquo;s repo rate. However, a lot of lending, particularly to prime borrowers (mostly big business), takes place at rates much lower than the double digit BPLR. At the same time, small businesses and individuals often pay rates much higher than the BPLR. The combination makes the BPLR meaningless and there is therefore no transparency in lending rates. However, an RBI committee has already recommended replacement of the BPLR with something called a base rate, which will be directly linked to deposit rates offered by each bank. This will create a floor on which banks will additionally charge their costs and a risk weightage. </font></p><p align="justify"><font >One of the reasons for stickiness which will not go away with the base rate is the high operational costs incurred by Indian banks. Subbarao has urged banks to cut down on costs by improving efficiency. They may yet follow his advice, but the only way to enforce efficiency is to increase competition. The RBI has let Indian banking be too insulated from competition for too long. It is this insulation from competition which ultimately leads to boring banking as well. It is easy enough to make handsome profits without doing the kind of lending the fast-growing real sector needs. As Subbarao said, banks need to step up on financing infrastructure. In other more advanced economies, non-banking financial institutions perform this role, but in our relatively under-developed financial system, banks need to fill the gap. The time for celebrating survival in the financial crisis is over. Indian banks need to move to the next level.</font></p>                                                           
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    <br><a href="http://www.indianexpress.com/news/rates-of-reform/546854/" class="re" target="_blank">The Indian Express, 27 November, 2009, http://www.indianexpress.com/news/rates-of-reform/546854/</a><div class="clear"></div>
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                            <p align="justify"><font >One of the standout features of the monetary stimulus in India has been the wide divergence between the RBI&rsquo;s policy rates and the actual lending rates of banks &mdash; the latter haven&rsquo;t fallen nearly as much as the RBI would have liked. On Wednesday, Governor Subbarao ticked Indian banks off for the stickiness and non-transparency in lending rates and urged them to get out of the mindset which has led to &ldquo;boring&rdquo;, excessively conservative banking. The problem of non-transparency is well-identified and has a ready solution. </font></p><p align="justify"><font >The core of the problem is what banks call their benchmark prime lending rate (BPLR). It is this rate which has been many percentage points higher than the RBI&rsquo;s repo rate. However, a lot of lending, particularly to prime borrowers (mostly big business), takes place at rates much lower than the double digit BPLR. At the same time, small businesses and individuals often pay rates much higher than the BPLR. The combination makes the BPLR meaningless and there is therefore no transparency in lending rates. However, an RBI committee has already recommended replacement of the BPLR with something called a base rate, which will be directly linked to deposit rates offered by each bank. This will create a floor on which banks will additionally charge their costs and a risk weightage. </font></p><p align="justify"><font >One of the reasons for stickiness which will not go away with the base rate is the high operational costs incurred by Indian banks. Subbarao has urged banks to cut down on costs by improving efficiency. They may yet follow his advice, but the only way to enforce efficiency is to increase competition. The RBI has let Indian banking be too insulated from competition for too long. It is this insulation from competition which ultimately leads to boring banking as well. It is easy enough to make handsome profits without doing the kind of lending the fast-growing real sector needs. As Subbarao said, banks need to step up on financing infrastructure. In other more advanced economies, non-banking financial institutions perform this role, but in our relatively under-developed financial system, banks need to fill the gap. The time for celebrating survival in the financial crisis is over. Indian banks need to move to the next level.</font></p>                                                           
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    <br><a href="http://www.indianexpress.com/news/rates-of-reform/546854/" class="re" target="_blank">The Indian Express, 27 November, 2009, http://www.indianexpress.com/news/rates-of-reform/546854/</a><div class="clear"></div>
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Home हिन्दी

Rates of reform

Published on Nov 27, 2009   Modified on Nov 27, 2009

One of the standout features of the monetary stimulus in India has been the wide divergence between the RBI’s policy rates and the actual lending rates of banks — the latter haven’t fallen nearly as much as the RBI would have liked. On Wednesday, Governor Subbarao ticked Indian banks off for the stickiness and non-transparency in lending rates and urged them to get out of the mindset which has led to “boring”, excessively conservative banking. The problem of non-transparency is well-identified and has a ready solution. The core of the problem is what banks call their benchmark prime lending rate (BPLR). It is this rate which has been many percentage points higher than the RBI’s repo rate. However, a lot of lending, particularly to prime borrowers (mostly big business), takes place at rates much lower than the double digit BPLR. At the same time, small businesses and individuals often pay rates much higher than the BPLR. The combination makes the BPLR meaningless and there is therefore no transparency in lending rates. However, an RBI committee has already recommended replacement of the BPLR with something called a base rate, which will be directly linked to deposit rates offered by each bank. This will create a floor on which banks will additionally charge their costs and a risk weightage. One of the reasons for stickiness which will not go away with the base rate is the high operational costs incurred by Indian banks. Subbarao has urged banks to cut down on costs by improving efficiency. They may yet follow his advice, but the only way to enforce efficiency is to increase competition. The RBI has let Indian banking be too insulated from competition for too long. It is this insulation from competition which ultimately leads to boring banking as well. It is easy enough to make handsome profits without doing the kind of lending the fast-growing real sector needs. As Subbarao said, banks need to step up on financing infrastructure. In other more advanced economies, non-banking financial institutions perform this role, but in our relatively under-developed financial system, banks need to fill the gap. The time for celebrating survival in the financial crisis is over. Indian banks need to move to the next level.

The Indian Express, 27 November, 2009, http://www.indianexpress.com/news/rates-of-reform/546854/

 

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