Finance Minister Nirmala Sitharaman has urged banks to make interest rates more affordable as people face stress from high borrowing costs. Speaking at the SBI Banking and Economics Conclave 2024, she emphasized the need for affordable loans to boost industry growth and capacity building.

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• Finance Minister stated that current interest rates are causing financial stress for borrowers.
• Called on banks to make lending rates more affordable for the public.
• Highlighted the importance of lower borrowing costs to drive industry growth and capacity building.
• Remarks were made during the SBI Banking and Economics Conclave 2024.
• RBI has kept the repo rate unchanged at 6.50% over the past 10 monetary policy reviews.
• In October 2024, RBI shifted its stance from “withdrawal of accommodation” to “neutral.”
• Rising EMIs are a concern for individuals and industries alike.
• Sitharaman’s appeal aims to balance economic growth with financial stability.