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Reserve Bank reduces short-term interest rate by 0.5%!
Posted on: 29/Sep/2015 4:13:15 PM
Reserve Bank of India has announced reduction of short-term interest by 0.5%.
A review meeting of the finance policies for the current financial year was conducted in Mumbai today (Tuesday, 29th September) presided by RBI Governor, Mr. Raghuram Rajan.
It was decided to reduce REPO rate for loans given by Reserve Bank of India to other banks by 0.5 %. With this, REPO rate has come down from existing 7.25% to 6.75%.
However, the working capital ratio will continue to be 4%.
The is reduction announced by RBI on short-term interest loans is expected to being down the interest rates of the banks for housing loans, vehicle loans, and business loans extended by the banks to their customers.
Reserve Bank has reduced the interest following the persistent demand of the government industrial sector to reduce the interest rates to facilitate the industrial growth.
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