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Rate Transmission Mein Yeh Fark Kahan Se Aa Raha Hai?
Central bank ka kehna hai ki monetary policy ke signals ab economy tak pahunch rahe hain, lekin sabhi banks ek speed se kaam nahi kar rahi hain. Foreign banks external benchmark wale loans se cutting-edge kaam kar rahi hain, matlab rate cut seedha borrowers ko mil raha hai. Lekin Indian banks, especially public sector banks, abhi bhi purane internal benchmark system par depend kar rahi hain, jiske wajah se rate cut ka fayda borrowers tak pahunchne mein time lag raha hai.
External Benchmark Ka Kamaal
Is difference ki asal wajah hai banks ke loan books ka structure. Private banks ne lagbhag 89% tak apne loans ko external benchmark se jod diya hai. Isse jab repo rate 5.25% par set hota hai, toh unke customers ke liye loan cost automatically adjust ho jaati hai. Dusri taraf, public sector banks ke 49% se zyada assets abhi bhi internal benchmark par hain, jisse rate cut dene mein woh der kar deti hain. Iss wajah se credit market mein confusion hai, jahan aapka loan kahan se aa raha hai, yeh bhi matter karta hai.
Purane Systems Ki Kamiyaan
Kuch experts ka kehna hai ki public sector banks ke purane loan assets mein flexibility ki kami hai. RBI ne MSMEs ke liye kuch export aur trade finance rates mein chhoot di hai, lekin retail borrowers ko abhi bhi bank ke asset-liability committees ke decisions ka wait karna padta hai. Yeh administrative process ek hidden tax jaisa hai borrowers ke liye jo domestic lending cycles mein fans gaye hain.
Aage Kya Hoga?
June mein Monetary Policy Committee ki meeting hone wali hai, aur lagta hai ki repo rate mein koi change nahi hoga. Ab focus policy easing se zyada existing measures ki effectiveness par hai. Investors ko un banks ke beech margin gap par nazar rakhni chahiye jinhone external benchmark ko apnaya hai aur jo abhi bhi internal systems par atke hue hain. Jaise jaise liquidity adjust hogi, jo banks jaldi rate cut de rahi hain unhe thoda pressure aa sakta hai, par jo der kar rahi hain woh market share kho sakti hain nimble, foreign banks ke saamne.