Dr. Raghuram Rajan, RBI Governor has announced fourth BI-monthly Monetary Policy Statement for the year 2015-16 and reduced the Policy Repo Rate by 50 basis points from 7.25% to 6.75% with immediate effect. Exultant with the step, Dr. A. Sakthivel, TEA President, hailed the RBI’s move to reduce Repo Rate by 0.5% and endorsed the RBI view in the statement that banks should come forward and transmit the rate reduction to the customers to get the actual benefit of the interest reduction made by the RBI.
Sakthivel further added that banks should also workout to reduce their base rate which will trigger for more investment and also growth of exports.
