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Published on 27/03/2020 10:18:02 AM | Source: Live Mint

EMIs to get cheaper as RBI makes big rate cut

Posted in Industry News| #RBI #RBI Governor #Industry #Shaktikanta Das

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The Reserve Bank of India today cut the repo rate by 75 basis points to 4.4%. This will help banks pass on some of the rate reduction to borrowers.

Finance Minister Nirmala Sitharaman on Thursday announced a ₹1.7 lakh crore economic stimulus plan that provides direct cash transfers and food security measures to offer relief to crores of people hit by a nationwide lockdown triggered by the coronavirus pandemic.

The package was announced two days after Prime Minister Narendra Modi ordered the 21-day lockdown.