Recently the Reserve Bank of India (RBI) has supported the banking system with Rs 145,000 crore funds as the banks were facing liquidity crunch. In order to provide more help to the banks RBI has slashed its key short-term lending rate (repo) by 100 basis points, this has opened road for cheaper home, consumer, corporate and personal loan rates.
This reduction in repo is the first since 2004, which will allow banks to immediately borrow short-term funds from the apex bank at a cheaper eight per cent as against nine per cent till now.
Finance Minister P Chidambaram while addressing the reporters in
HDFC Bank's Deputy Treasurer, Ashish Parthasarathy said "It is a welcome step and clearly shows that the interest rate regime is now on a descent curve".
1 comment:
when you find yourself in need of fast cash, a payday loan is a great financial resource to hold you over until your next paycheck arrives. they are shrto term, very simple and the application process is cinfidential. you can also apply online in the privacy of your own home.
personal loan rates
Post a Comment