Tirupur Exporters’ Association ( TEA ) Chairman, A.Sakthivel hailed the RBI’ move to reduce Repo Rate by 0.5 per cent and endorsed its view in this statement that banks should come forward and transmit the rate reduction to customers. The Cash Reserve Ratio (CRR) unchanged at 4.0 per cent.
Sakthivel said banks should also workout to reduce their base rate which will trigger for more investment and growth of exports.
RBI governor Raghuram Rajan, today announced fourth bi-monthly Monetary Policy Statement for year 2015-16 and reduced the Policy Repo Rate by 50 basis points from 7.25 per cent to 6.75 per cent with immediate effect.
