Insta
RBI Slashes Repo Rate To 5.75 Per Cent, Does Away With Charges On NEFT And RTGS Transactions
RBI Governor Shaktikanta Das. (Vipin Kumar/Hindustan Times via Getty Images)
In a bid to ensure cheaper availability of credit, the Reserve Bank of India (RBI) has cut both the repo and reverse repo rates by 25 basis points, with the rates now standing at 5.75 and 5.50 per cent respectively, reports The New Indian Express.
Moreover, the RBI has also moved towards a rate easing cycle, shifting its stance to accommodative, which entails more rate cuts in the near future.
The central bank has also established a committee to scrutinise ATM charges and other banking fees. In what will be a further boost to financial transactions, the apex bank has decided to do away with RTGS and NEFT charges.
The RBI is in a position with liberty to slash rates considering that retail inflation remains at 3.9 per cent, within the government’s target rate of 4 per cent. The rate cuts should likely benefit consumers and businesses by way of cheaper access to lending by banks and other financial institutions.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
