Apr. 22 – The Reserve Bank of India (RBI) cut basis points on interest rates by 25 basis points yesterday, with interest loans for homes, cars and consumer goods set to drop further.
Other banks are expected to follow. The RBI also cut it’s repo rate or the rate at which it lends to other banks. The RBI governor, Duwuri Subbarao, commented that due to the country’s low inflation, prime lending rates should be cut by at least two percentage points for public sector banks. The move should further stimulate the Indian economy which has been showing signs of recovery.
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