January 06, 2025 08:53 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Delhi elections: Congress launches Pyari Didi scheme promising Rs. 2,500 per month to women residents | Chhattisgarh journalist murder: Victim's heart was ripped out, had 15 fractures to head, a broken neck; accused arrested | India's health ministry confirms two HMPV cases in Karnataka | Canadian PM Justin Trudeau may step down as Liberal Party leader this week: Reports | Bharatiya Janata Party releases first list of candidates for Delhi Assembly polls, fields Parvesh Sahib Singh Verma against Kejriwal | Firecracker unit explosion in Tamil Nadu's Virudhunagar kills 6 | Body of independent journalist, who went missing on Jan 1, found in a septic tank in Chhattisgarh | Delhi: 14-year-old student stabbed to death outside school after brawl with classmate | Rohit Sharma confirms he is not retiring amid speculations after skipping Sydney Test | India objects to China's 'new counties' announcement, says parts of these come under Ladakh

RBI cuts repo rates by 25 basis points, interest goes down to five-year low

| | Apr 05, 2016, at 06:04 pm
Mumbai, Apr 5 (IBNS) Reserve Bank Governor Raghuram Rajan on Tuesday cut the benchmark repo rate by 25 basis points sending interest rates to over five-year low of 6.50 per cent.

He also stressed that the RBI will ensure that lenders pass on the benefits of lower interest rates to borrowers.

"Perhaps more important at this juncture is to ensure that current and past policy rate cuts transmit to lending rates," he said.

The last time the RBI had cut its repo rate was six months ago.

Rajan also retained his "accommodative" stance, raising the prospect of further rate cuts later this year.

"Borrowing is now significantly cheaper and will continue to get so," he said.

In another  move, the RBI raised the reverse repo - or the rates lenders charge to the central bank - by 25 basis points to 6 per cent, while taking measures to ensure more availability of cash in the banking system.
 

Image: Wikimedia Commons

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.