for banks to reduce their interest rates per QCB's circular. No ifs or buts. The QCB is the governing body of banks.

Wikipedia: "...The primary function of a central bank is to provide the nation's money supply, but more active duties include controlling interest rates (i.e., price fixing), and acting as a lender of last resort to the banking sector during times of financial crisis (e.g., bailouts). It may also have supervisory powers, intended to prevent banks and other financial institutions from reckless or fraudulent behaviour. Central banks in most developed nations are independent in that they operate under rules designed to render them free from political interference."

If your bank has not reduced its interest rates, then they fall under 'fraudalent behaviour', which would make them liable.