हिन्दी Blogs
Menu

Latest Posts
BJP’s Sankalp Patra is a resolution letter for the development of the country: PMINDI Alliance’s goal is to protect their families and corrupt individuals: Jagat Prakash NaddaToday, when India speaks on the international stage, the whole world listens attentively: Rajnath SinghThe leftists have given a big zero to Tripura in the name of development: Amit ShahBHIM UPI which you use for digital payments, we’ve named it after Babasaheb Ambedkar: PM

New repo rate is the lowest in more than six years

| Published on:

Repo rate cut paves way for decrease in interest rates for loans

The Reserve Bank of India (RBI) has slashed its repo rate by 25 basis points. After demonetisation, banks have been flush with funds.

A day before the repo rate was cut, India’s largest lender State Bank of India (SBI) had tried to decrease the cost of its deposits by lowering the saving bank account interest rate from 4 percent to 3.5 percent.

This 50 basis point cut has also paved the way for a similar decrease in interest rates for loans. The new repo rate is now down to 6 percent, the lowest in more than six-and-a-half years.