MUMBAI: RBI announces doing away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions
HOME, auto and other loans may cost less as the Reserve Bank on Thursday cut interest rates for the third time this year to their lowest level in nine years and signalled more easing in a bid to support an economy growing at the slowest pace since the BJP first came to power in 2014. The Reserve Bank of India (RBI) cut the repo rate by 25 basis points to 5.75 per cent and reverse repo rate by an equal proportion to 5.50 per cent and expected banks to transmit these to home, auto and other loan borrowers faster. With all the six members of the Monetary Policy Committee (MPC) voting unanimously for a rate cut and switching of its stance to “accommodative” from neutral, RBI Governor Shaktikanta Das said that the shift in the stance meant that an increase in interest rates is “off the table.”.
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