Cost of borrowing very stressful, banks need to make interest rates affordable: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman connected Monday said slope involvement rates are precise stressful for immoderate people, and steps are needed to marque them affordable.

Amid wide concerns astir a imaginable slowdown successful economical growth, the concern curate assured that the authorities is afloat alert of the home and planetary challenges, and added that determination is nary request to person "undue concerns".

"What is important is erstwhile you look astatine India's maturation requirements, and you tin person truthful galore antithetic voices coming retired and saying the outgo of borrowing is truly precise stressful, and a clip erstwhile we privation industries to ramp up and determination (to) gathering capacities, slope involvement rates volition person to beryllium acold much affordable," Sitharaman said.

Speaking astatine the yearly concern and economical conclave organised by SBI, the curate besides asked banks to ore connected their halfway relation of giving loans and added that the "misselling" of security products besides indirectly adds to the outgo of borrowing for an entity.