Repo rate slashed

2072344290repo-rate-cutRBI Governor Raguram Rajan who has been under pressure from the Finance Ministry to reduce the interest rate to allow economic recovery has announced cut in repo rate by 50 basis points to 6.75 percent. The repo rate now is at a 4-1/2 year low. However, he kept the Cash Reserve Ratio unchanged at 4 percent. Following his decision interest rates on home loans, vehicles, personal loans will be slashed. Rs 500 interest will go on a principal of Rs 1 lakh, according to an estimation. The January 2016 target of 6 per cent
inflation is likely to be achieved and growth rate is estimated to be 7.4 percent as against Centre’s 9 percent estimation.

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