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 ...
IKEA set to foray in UP, signs MoU with govt
Source: PTI Swedish home furnishings company IKEA on Thursday signed a Memorandum of Understanding (MoU) with the Uttar Pradesh government to set up its stores in the state. The MoU was signed between CEO of IKEA India Juvencio Maeztu and Principal Secretary, Infrastructure and Industrial Development, Mahesh Kumar Gupta in the presence of Uttar Pradesh Chief Minister Akhilesh Yadav. Speaking on the occasion, Yadav said that due to industry friendly policies and world class infrastructure facilities, renowned companies were coming forward to invest in UP. He said that since April 2012, investments of more than Rs.85,000 crore have been received. Yadav said that proposals of investment worth Rs.51,000 crore were received during investors conclave held in Mumbai recently. Appreciating IKEA's decision to ...
