Piyush Goyal: RBI repo rate cut to make loans affordable to MSMEs, boost economy

According to news reports, the Reserve Bank of India has cut the repo rate. It is a short-term lending rate at which it gives loan to banks. The decision has been taken third time in a row. The repo rate has been brought down to 5.75 per cent in its second bi-monthly policy decision, adopting an accommodative stance.

In view of this decision, Commerce and Industry Minister, Piyush Goyal stated, the repo rate cut by the RBI will help boost India’s economy by making loans affordable to MSMEs, exporters and home buyers. He also quoted that the removal of charges on NEFT and RTGS transactions will bring relief to the people promoting the Digital India initiative.

The minister quoted in a tweet, “Repo rate cut by RBI will boost India’s economy by making loans affordable to MSMEs, exporters & home buyers.”

On the other hand, Nandan Nilekani, who headed the RBI Committee on digital payments made a statement on digital transactions, he quoted, “the apex bank’s decision on review of charges for payment systems, and constitution of a committee to review the ATM interchange fee structure would help increase digital transactions in the country.”

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