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       RBI cuts key rate by 0.25%; to lower home, auto EMIs
 
         Posted on :15:25:39 Aug 2, 2017
   
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       Last edited on:21:32:19 Aug 2, 2017
         Tags: RBI cuts key rate by 0.25%; to lower home, au
 

MUMBAI: The Reserve Bank today slashed benchmark lending rate by 0.25 per cent to 6 per cent citing reduction in upside risk to inflation, a move that will lower EMIs for home, auto and personal loans.

This is the first rate cut since October 2016 and the interest rate is now at 6-year low.

In line with record low retail inflation, the RBI Governor headed Monetary Policy Committee (MPC) cut policy repo rate by 25 basis points to 6 per cent and the reverse repo by similar proportion to 5.75 per cent.

The MPC has also decided to keep the policy stance neutral and to watch incoming data with a view to keeping headline inflation close to 4 per cent.

It stressed on urgent need to reinvigorate private investments, clear infrastructure bottlenecks and provide a major thrust to the Pradhan Mantri Awas Yojana.

RBI said it is working in close coordination with the government to resolve large stressed corporate borrowings and recapitalise public sector banks.

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