RBI: Short-term lending interest rate down from 6.5 to 6.25 percent
Posted on: 04/Oct/2016 5:37:44 PM
The Reserve Bank of India has announced the reduction in short-term lending interest rate from 6.5 percent to 6.25 percent.
The 1st committee meeting after Mr. Urjit Patel assumed office as the New Governor of the Reserve Bank of India regarding the lending policies was conducted today (Tuesday, 4th October) in Mumbai.
The lending policy making committee decided to reduce the short-term lending interest rates by 0.25 percent. All the 6 members of the committee unanimously agreed on this decision.
Consequently, it has been announced that the short-term lending interest rate is reduced from 6.5 percent to 6.25 percent. It must be noted that this reduction in interest rate will benefit those who have availed housing loans, vehicle loans, and personal loans.
The Reserve bank of India announced today that the GDP for the current financial year is 7.6 percent and that the retail inflation rate would be at 5 percent till march 2017.
