Home, auto loans to become cheaper
Source: PTI Home, auto and other loans are set to become cheaper with Reserve Bank of India on Tuesday reducing the short-term lending rate by 0.25 per cent to over 5-year low of 6.5 per cent, taking the total cut to 1.5 per cent since January last year. Unveiling the first bi-monthly monetary policy for the current fiscal, RBI Governor Raghuram Rajan said banks have already cut interest rates by 0.25-0.5 per cent and after Tuesday's rate cut, borrowings will become cheaper. "Borrowing is cheaper...and will continue to do so," the Governor said, adding that the introduction of marginal cost of funds-based lending rate (MCLR) system will improve monetary policy transmission. The Reserve Bank has effected a rate cut after a gap of 6 ...
Signs of turnaround visible in some export sectors
Early signs of a turnaround are visible in some export sectors such as readymade garments, pharmaceuticals and electronics, RBI said Source: PTI The decline in bullion imports helped narrow the trade deficit in October as well as over the financial year so far Early signs of a turnaround are visible in some export sectors such as readymade garments, pharmaceuticals and electronics despite persistent weakness in global trade, the Reserve Bank said on Tuesday. In the external sector, exports contracted for the 11th month in a row in October, indicating the persisting weakness in global trade, RBI said in its 5th bi-monthly monetary policy review statement in the current fiscal. Excluding petroleum products, however, the decline in exports was more moderate and early signs of ...
