RBI reduced rate by 25 basis points in its policy meet:
RBI reduced rate by 25 basis points, it is the fifth time this year. In its policy review, RBI has reduced rate by 25 basis points. An expectation of a reduction in home loans is there. Although in spite of many cuts in the same year the banks haven’t passed on the benefit. This is going to impact the market. Nifty and bank nifty have reacted negatively on the news. Homebuyers are also not happy because the cuts are not passed on so it doesn’t make any sense to them. Although banks reduced the FD rates. FM in her last press conference promised that rate reduction benefits will be passed on to the home buyers instantly. Let us see what difference it is going to make.
This rate of the repo is lowest since March 2010. After the reduction, it is 5.15%.
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