Business

Raghuram Rajan's Gift To Common Man, Car And Home Loans To Become Cheaper

NEWS WORLD INDIA | 0
141
| September 29 , 2015 , 13:38 IST
"My name is Raghuram Rajan and I do what I do", was RBI Governor's response to comments that he was being Santa Claus in cutting interest rate by more than expected. M_Id_419488_Raghuram_Rajan MAIN IMG Amid government and industry pressure, Rajan on Tuesday cut interest rate by 0.50 per cent, double of what was broadly anticipated and the biggest in more than three years. The cut brought down repo rate to 6.75 per cent, the lowest in four-and-half-years. ALSO READ: Home, Auto Loans EMIs To Come Down As RBI Cuts Rate By 0.50% At the press conference called to announce the fourth bi-monthly monetary policy, he was asked if he was being Santa Claus in giving more than expected or should his statement be read as hawkish. "I don't know what you want to call me... Santa Claus... you want to call me hawk, I don't know. I  don't go by this. My name is Raghuram Rajan and I do what I do," he said. [caption id="attachment_132395" align="aligncenter" width="2001"]NEW DELHI : BI-MONTHLY MONETARY POLICY REVIEW. PTI GRAPHICS(PTI9_29_2015_000057B) NEW DELHI : BI-MONTHLY MONETARY POLICY REVIEW. PTI GRAPHICS[/caption] ALSO READ: RBI Lowers GDP Forecast For Fiscal Year To 7.4% Asked why RBI cut interest rate by 0.50 per cent, RBI Governor said: "We want to make sure that word sustainable and growth go together. Both are are important. And that's why we used what room we had. But I don't think we were excessively aggressive. We were not throwing out Diwali bonus." ALSO READ: RBI Rate Cut: How The Repo Rate Cut Will Impact You Loan And EMI Rajan said the best protection against financial market turmoil and surviving turmoil is good policy.

SBI Cuts Lending Rate By 0.4% To 9.3 Per Cent, ICICI Bank To Follow Suit Soon | Focus News

[…] ALSO READ: My Name Is Raghuram Rajan And I Do What I Do: RBI Governor On Cutting Interest Rate […]