Indian Express has just posted on its online portal the news that the RBI has cut interest rate by 25 basis points. Very good for economic recovery.
“Five days after the presentation of the Union Budget, the Reserve Bank of India (RBI) on Wednesday unexpectedly cut the policy Repo rate by 25 basis points as “disinflation is evolving along the path set out by the RBI at a faster pace than earlier envisaged”.
The latest cut buoyed the stock markets and the Sensex rallied by over 284 points to 29,878 at 9.50 am IST. With this, the RBI has cut repo rate – the rate at which the RBI lends funds to the banks – by 50 basis points to 7.50 per cent in calendar 2015.”(from the news report)
Read the news report here.