Trending Now
- “If Edappadi Palaniswami permits, a thousand young members from the Virudhunagar district AIADMK are prepared to take up arms and engage in battle under my command.” – Former AIADMK Minister Rajendra Balaji
- “India is ready to deal with any counter-attack by Pakistan” – Wing Commander Vyomika Singh
- Central govt orders extension of CBI Director Praveen Sood’s tenure for another year
Coimbatore
ICCI welcomes RBI move to cut repo rate
April 5, 2016
The Coimbatore chapter of the Indian Chamber of Commerce and Industry, on behalf of the traders and industrialists of this region, has welcomed the reduction of Repo Rate by 25 basis points and the retention of CRR at 4 percent.
“We feel that the move will give a very good push to cheaper home- and auto-loans,” the ICCI president D. Nandakumar said. “Borrowing cost is likely to come down with RBI resuming the process of Monetary Easing by lowering Repo Rate by 25 basis points, in line with the market expectation, and ensuring easy liquidity for banks.”
Nandakumar welcomed RBI’s decision to cut interest rates, since this would contribute for sustained robust growth. He also added that the cut in policy rates will also help individual and corporate borrowers, and make other loans cheaper.
