Tirupur Exporters’ Association President, A.Sakthivel welcomed the Reserve Bank of India (RBI) announcement to reduce the Repo Rate by 0.25 per cent and added that the interest rate cut would be helpful to quote competitive rate and sustain in the global market only when the banks pass on the measures to the SME and exporting units.
He pointed out that due to absent of a decisive economic recovery in the global market including continuance of deceleration in China’s Economy, the reduction in the interest rate would be helpful at this crucial period.
RBI governor Dr. Raghuram Rajan, today announced second Bi-monthly Monetary Policy Statement for the year 2015-16 by reducing the key policy rates by 25 basis points from 7.5 per cent to 7.25 per cent with immediate effect and at the same time, Cash Reserve Ratio (CRR) has been kept at 4.00 per cent of net demand and time liabilities.
