Spokesperson: Mr. Amit Modi, Director, ABA Corp and Vice President CREDAI Western UP
“It is an expected move taken by the RBI Governor to keep repo rates unchanged as the Reserve Bank of India had, reduced the repo rate by 0.25% to 6.25%. in October to signal lower interest rates in the economy. Hence RBI have done their part, the banks on the other hand have not been generous enough to pass on the entire benefit of this reduction to end consumers. Since now the banks are flushed with cash and don’t have to worry about reviving their bottom lines, they should now be passing the benefits of the previous rate cuts to the end consumers. It will be indeed the single biggest factor in kick starting the economic activity in this stagnant faces. Hence we sincerely hope that both Finance Ministry as well as the RBI push all the banks to transfer the entire benefit to the end consumer for whose benefit it is meant, else these moves will severely stop short of benefiting the consumer.”
