Reserve Bank of India(RBI)cuts interest rate by 0.5% Tuesday Sep 29,2015

The Reserve Bank of India(RBI) on Tuesday Sep 29,2015 cut interest rate by 50 basis points or 0.5 % to spur investment and growth.

After the rate cut, the repo rate stands at 4-year low of 6.75% while the reverse repo rate stands at 5.75 %

The rate cut would mean lower home loan rates as well as reduced equated monthly instalments


Note

The repo rate is the level at which the central bank lends to commercial banks