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12.04 - 21:21
EMIs to get cheaper as RBI makes big rate cuts
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The Reserve Bank of India today cut the repo rate, the rate at which the central bank lends to banks, by 75 basis points to 4.4%.
The RBI also announced a reduction in cash reserve ratio by 100 basis points to 3%, a move that will release ₹1.37 lakh crore into the financial system.
These measures will help banks pass on some of the rate reduction to borrowers, making EMIs cheaper. The central bank's monetary policy committee voted 4:2 majority to cut repo rate by 75 basis points.
The monetary policy committee advanced its meeting, which was scheduled in first week of April. The RBI cut reverse repo rate by a bigger margin of 90 basis points to disincentivize banks to hoard money.
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