Loans set to get cheaper as RBI cuts key rate by 35 bps: TOI, Mumbai

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Thursday, August 8, 2019

Dear all,

Your association SIMA is forwarding herewith the newspaper cuttings appeared in Times of India, Mumbai Edition dated 08.08.2019.

Loans set to get cheaper as RBI cuts key rate by 35 bps: TOI, Mumbai

As per the article, interest rates on loans are set to fall further with RBI governor Shaktikanta Das on Wednesday announcing a cut in repo rate by an unconventional 35 basis points (100bps = 1 percentage point) to spur economic activity that has slowed in recent months, while inflation has remained under check.

State Bank of India (SBI) was the first off the block to cut its loan rates by reducing its marginal cost of lending rate (MCLR) by 15bps with effect from August 10. This brings the one-year MCLR (benchmark for home loans) to 8.25%. “Following this, home loans have become cheaper by 25bps since April 10, 2019,” the country’s largest lender said. SBI’s overdraft facility will also become cheaper as it is linked to the repo.

PLEASE CLICK HERE TO VIEW THE ARTICLE.

NEFT payment route to be 24X7 from Dec: TOI, Mumbai

From December, you will not have to wait for working hours to transfer money via National Electronic Fund Transfer (NEFT). As part of its push towards digital transactions, the central bank on Wednesday announced that the platform will be available on a 24X7 basis, helping transfer funds even during weekends. NEFT transfers are processed periodically and, until recently, during working hours

PLEASE CLICK HERE TO VIEW THE ARTICLE.

This is for your kind information.

Thanking you,

With regards,

For Silvassa Industries & Manufacturers Association,

Narendra Trivedi,

Secretary