New Delhi, Date: October, 2019
The festive season is up and the Reserve Bank of India has reduced the repo rate. This will benefit the car loan and home loan borrower.
After the Reserve Bank reduced the repo rate by 25 points, the repo rate has now fallen from 5.40 per cent to 5.15 per cent, which is the lowest since March 2010. Is.
For the fifth time in a row this year, the Reserve Bank has reduced the repo rate by 110 points so far.
Banks take large sums from the Reserve Bank for their day-to-day operations. The limit is one day. The interest rate the bank has to pay on this amount is called the repo rate. When the Reserve Bank reduces the repo rate, it means that banks lose interest on the amount they take from the Reserve Bank and benefit from it by lowering the interest rate of their loans to the customers.
In addition to lowering the repo rate, the Reserve Bank has again revised its GDP estimates for the year 2019-20. Banquo believes that India's GDP rate will be 6.1 percent.
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