Loans may get cheaper as RBI cuts lending rate by 0.25%
New Delhi, Feb 7 (IBNS): Lending rates and home loans could become cheaper with the Reserve Bank of India on Thursday reducing the repo rate by 25 basis points, or 0.25 per cent.
The repo rate is the key interest rate at which the central bank lends short-term funds to commercial banks. This rate now stands at 6.25 per cent.
The decisions came after the RBI's monetary policy committee meeting, the first since Shaktikanta Das took charge as the central bank's governor.
The bank has also changed its stance to "neutral" from "calibrated tightening".
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