In the policy statement, Reserve Bank of India (RBI) said banks reduced lending rates on an average by 36 basis points to 12.17 per cent during 2012-13 (up to February).
This is compared to a 50 basis points cut in repo rate and 75 basis points reduction in CRR by the RBI in 2012-13.
Thus, RBI feels that banks haven't passed on the benefits of expansionary monetary measures to their customers in the same proportion as the cut in the rates.
The Federation of Indian Chambers of Commerce and Industry (Ficci) also said lending rates had not come down in proportion to what RBI had done.
In the policy statement, RBI also said the modal term deposit rate declined by 11 bps and the modal base rate by 50 basis points. RBI said, "Decline in the term deposit rate occurred mostly during the first half, while the modal base rate softened by 50 basis points to 10.25 per cent in two steps of 25 basis points each during Q1 and Q4 of 2012-13."
In Jan-Mar 2013, 39 banks reduced their base rates in the range of five to 75 basis points, RBI said.