Your EMIs to get lower as RBI cuts interest rates by 50 basis points
- The Reserve Bank of India surprised markets Tuesday by slashing its key interest rate by 0.50 percentage points to 6.75%, taking advantage of easing inflation to boost growth in an economy that hasn't been able to escape global headwinds.
- A Reuters poll last week showed only one out of 51 economists had expected a 50 basis points cut in the repo rate, while 45 had expected a 25 bps cut.
- The RBI had previously cut interest rates three times this year, lowering it by 25 basis points each time.
NEWS FROM DAINIK BHASKAR SOURCE---DATED 29TH SEP 2015