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07 Oct 2022, Edition - 2642, Friday

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Coimbatore

TEA urges banks to pass on repo rate reduction to exporting units

Covai Post Network

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Coimbatore : The Tirupur Exporters Association (TEA) Thursday requested the banks to pass on the reduction of repo rate by 25 paise as announced by RBI to exporting units.

Hailing the reduction of repo rate from 6.25 to six per cent in the First Bi-monthly Monetary Policy for the year 2019 -20, TEA president, Raja M Shanmugham said the Monetary Policy Committee decision was to maintain the neutral monetary policy stance.

He hoped that by taking this into account all banks will come forward to pass on the reduction of interest rate to the borrowing units, which was desperately required for the knitwear garment exporting units, particularly to MSME exporting units.

As very few banks have passed on the benefit to the customers, the real intent of the RBI for reduction of Policy Repo Rate could not be realized, Raja Shanmugham said, adding that the reduction of interest will pave the way for the growth of investment and exports.

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