RBI policy to provide cheaper loans

NEW DELHI: Central Bank has reduced the repo rate for the fifth time, the Reserve Bank of India (RBI) is currently on a rate deducting tour.

As the RBI cuts rates, banks are expected to pass the benefit to consumers and reduce the interest rates on home, auto, personal or other loans which may result in lower EMIs (equated monthly instalments).

"The Reserve Bank will continue the 'accommodative' stance as long as it is required to revive the growth," RBI governor Das said.

Shaktikanta Das on Punjabi and Maharashtra Cooperative (PMC) Bank Crisis has stated that, "As soon as this issue came to the central bank's notice, the RBI has acted very swiftly. One incident should not be used to generalise the state of all cooperative banks. Banking system sound, stable and there's no reason to panic."