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RBI makes surprise cut in interest rate, home loans could get cheaper

Thursday, February 7, 2019, 9:06 PM

The Reserve Bank of India's monetary policy committee on Thursday reduced the policy interest rate by 25 basis points to 6.25 %, a move that could lead to banks reducing lending rates for consumer and home loans. At the committee's meeting, the first after Shaktikanta Das took over as the central bank's Governor, also changed its stance to 'neutral' from the earlier 'calibrated tightening'.
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Good news for borrowers: RBI cuts repo rate by 25bps

Thursday, February 7, 2019, 12:33 PM

Good news for borrowers as the Reserve Bank of India (RBI), in its bi-monthly monetary policy held on February 7 has cut the key policy rates by 25 basis points (bps). (One basis point is equal to one hundredth part of percentage). Post the announcement, the repo rate stands at 6.25 percent and reserve repo rate at 6.00 percent.
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Interest on home, auto, MSE loans to be linked to new benchmarks

Thursday, December 6, 2018, 5:40 PM

In a bid to ensure greater transparency, the RBI proposed that floating interest rates on personal, home, auto and micro and small enterprises (MSEs) loans will linked to external benchmarks like repo rate or treasury yields, from April 1 next year. Currently, banks follow system of internal benchmarks, including Prime Lending Rate (PLR), Benchmark Prime Lending Rate (BPLR), Base rate and MCLR.

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