Reserve Bank reduces interest rates - prospects of a reduction in the EMI debt burden on bank loans
Posted on: 08/Feb/2019 9:40:53 AM
The Reserve Bank of India has reduced the interest rate for short-term loans by 0.25%. With this, the present interest rate of 6.50% reduces to 6.25%.
This announcement was made by the Reserve Bank of India Governor, Sakthi Kanthadas. The last time when short-term interest rates were reduce was during August 2017. Now, after a gap of 17 months, the interest rates have been reduced again.
A financial policy review meeting was conducted by a committee today in Mumbai, headed by the RBI Governor Sakthi Kanthadas with 5 other members.
A discussion was conducted regarding the decision taken to reduce the short-term interest loans and then voting was carried out. In this, the revision of interest rates was approved with a score of 4-2.
