Lending rates do not have to be equal across the banking sector, the Democratic Alliance (DA) said on Thursday.

This followed the trimming by the Monetary Policy Committee of the South African Reserve Bank (SARB) of the repo rate by 100 basis points to 7,5%.

While the DA welcomed the reduction in rates, DA Member of Parliament Dion George said there was an element of disappointment that all the commercial banks had only cut their prime lending rate by 100 basis points.

"There is no reason why lending rates should be equal across the banking sector; nor is it necessary to reduce the rate of return paid to people who hold deposits, such as pensioners and other savers.

"The banking sector now ought to demonstrate that it understands the pressures facing customers," George said.

He added that he was looking forward to seeing the report of the sub-committee set up under the leadership of Banking Association head Cas Coovadia and the SARB's Roelf du Plooy.

The committee was set up after Reserve Bank governor Tito Mboweni's recent meeting with Tom Boardman of Nedbank, Absa CEO Maria Ramos, Investec head Stephen Koseff, First Rand Bank chief Sizwe Nxasana and Standard Bank deputy CE Sim Tshabalala.

Mboweni has - on several occasions - criticised commercial banks for refusing to narrow the 3,5% gap between the repo and prime rates.

George said that while he was aware that commercial banks had to look at their margins, "we are in a difficult place economically".

He added that the DA would not allow the issue "to go away."

Banks, he said, should do "a little more. We're all in the same boat together".