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It's a Gift Day today for the Middle Class! Know what benefits you are going to get

by IRC-ADMIN - Jun 6 2019 5:49PM

With a third straight interest-rate cut Thursday, Reserve Bank of India has given a big relief to the aspirational Middle Class. The Reserve Bank of India (RBI) cut the repo rate to 5.75 percent and reverse repo rate to 5.50 percent and expected banks to transmit these to home, auto and other loan borrowers faster.  Unlike the last two policy decisions, this time it was unanimous. This move will help the Narendra Modi government to boost up a growth that weakened in the quarter ended March. This has brought good news for loan borrowers, as EMIs (equated monthly installments) are likely to go down assuming banks will pass on the benefit of the rate cut, and they have to shell out less money out of their pockets.

While giving another relief, RBI has also removed charges for doing money transactions through NEFT and RTGS.  It has also asked the banks to pass on the benefits to customers. This means that payments via NEFT and RTGS would become either free. 'Banks will be required, in turn, to pass these benefits to their customers' and 'instructions will be issued within a week,' the Reserve Bank said.

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