Finance Minister Advocates for Affordable Bank Interest Rates

Finance Minister Nirmala Sitharaman highlights the stress of high bank interest rates and urges steps to make them affordable. She reassures that government is aware of economic challenges both domestically and globally, advising banks to focus on loans and avoid insurance product misselling.

Union Finance Minister Nirmala Sitharaman highlighted on Monday the stress high bank interest rates place on borrowers, advocating for steps to make them more affordable.

Addressing concerns over a potential economic slowdown, Sitharaman assured that the government is keenly aware of both domestic and global economic challenges. She stressed that there is no need for undue concern about the nation's economic trajectory.

Speaking at the SBI annual business and economic conclave, she emphasized the need for affordable borrowing costs as industries aim to expand. Sitharaman also urged banks to prioritize their core function of lending and warned against the 'misselling' of insurance products, which can inadvertently increase borrowing costs.

(With inputs from agencies.)