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Bank Of India Cuts Interest Rates To Help Export Industry
The Reserve Bank of India today (2008.12.6) cut two major short-term interest rates, and Repo Rate and the reverse repo rate have all lowered 100 basis points. The new interest rate will take effect from December 8, 2008. After that, the repo rate will be 6.5% and the reverse repo rate will be 5%.
The reserve bank has issued a signal to cut interest rates this time.
Some large export institutions welcome the measures taken by the reserve banks to stimulate growth. They say that the reserve banks give clear signals to banks to reduce their preferential lending rates (PLR). All banks should immediately voluntarily reduce their lending rates and help the trapped export industry overcome difficulties.
Yang Jing: editor in charge
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