Tirupur Exporters’ Association (TEA) today welcomed the Reserve Bank’s decision to reduce the repo rate by 0.25 per cent, from 6.5 to 6.25 per cent.

In a statement, TEA president, Raja M. Shanmugham said that taking this into account, the banks should immediately come forward to pass on the benefits to the customers and fulfill the real objective of repo rate cut by the RBI.

Once the banks pass on the benefit, it will be helpful to enhance the competitiveness of the knitwear garment exporting units, which are struggling to sustain in the competitive global market, he said.