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Read: PM Modi Inaugurates Delhi-Meerut Expressway & Eastern...
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Home, Auto Loans EMIs To Come Down As RBI Cuts Rate By 0.50%
NEWS WORLD INDIA | 0
September 29 , 2015 , 11:10 IST
[caption id="attachment_99275" align="aligncenter" width="700"] RBI Governor Raghuram Rajan (File Image: AP)[/caption]
Home and corporate loans will cost less as the Reserve Bank on Tuesday lowered the key interest rate by 0.50 per cent - the biggest cut in over three years - to bolster the economy.
In its fourth bi-monthly monetary policy for the current fiscal, RBI cut benchmark repurchase (repo) rate from 7.25 per cent to 6.75 per cent, lowest in four-and-half-years.
RBI Governor Raghuram Rajan, who had faced growing pressure from the government as also industry to reduce one of Asia's highest borrowing costs, justified the bigger than expected reduction saying consumer inflation was likely to be at 5.8 per cent, below the 6 per cent target for January.
The focus should now shift to bringing inflation to around 5 per cent by March 2017, he said, adding that RBI will be vigilant for signs of monetary policy adjustments that are
needed to stick to the "deflationary path".
He also drew comfort from US Federal Reserve delaying the first hike in interest rates in nine years, which may have put emerging market currencies under pressure.
RBI lowered its economic growth forecast for the current fiscal to 7.4 per cent from its previous projection of 7.6 per cent.
"While the Reserve Bank's stance will continue to be accommodative, the focus of monetary action for the near term will shift to working with the government to ensure that impediments to banks passing on the bulk of the cumulative 125 basis points cut in the policy rate are removed," Rajan said.
The reduction comes on the back of interest rates being cut thrice earlier this year by 25 basis points each.
Within minutes of RBI policy announcement, Andhra Bank cut its benchmark lending rates by 0.25 per cent. The other banks are likely to follow suit.
In a bid to give boost to housing sector, the RBI proposed to reduce the risk weights on affordable housing applicable to lower value but well collateralised individual housing loans.
At present, the minimum risk weight applicable on individual housing loans is 50 per cent, it said.
RBI has kept the CRR intact at 4%.
RBI cuts FY16 real GDP growth estimate to 7.4%; expects pick up towards the latter part of the fiscal.
RBI says inflation is expected to reach 5.8% in January 2016.
Inflation to stay below January 2016 target of 6% in FY16; will average 5.5% for FY17.
RBI says limits for FPI investment in debt securities will be henceforth announced or fixed in rupee terms.
RBI to issue final guidelines on base rate computation by November-end.
Limit for FPI investment in govt bonds to be increased in phases to 5% of outstanding stock by March 2018: RBI.