Indian banks are under government pressure to cut their lending rates both to consumers and industry to help revive the country’s flagging economic growth.

Pranab Mukherjee, the finance minister, appealed for banks to reduce their interest rates in a meeting on Wednesday with the heads of India’s state-owned banks, many of which are also listed on the Bombay Stock Exchange. Mr Mukherjee said that lower lending rates would help spur growth, and he complained that banks had been slow to respond to a sharp fall in the Reserve Bank of India’s policy rates.