New Delhi: The repo rate cut by the RBI will help boost India's economy by making loans affordable to MSMEs, exporters and home buyers, Commerce and Industry Minister Piyush Goyal said on Thursday.
He said that the removal of charges on NEFT and RTGS transactions will bring great relief to the people and will help in promoting the Digital India initiative.
"Repo rate cut by @RBI will boost India's economy by making loans affordable to MSMEs, exporters & home buyers," he said in a tweet.
The Reserve Bank of India cut the repo -- short term lending rate at which it gives loan to banks -- the third time in a row to 5.75 percent in its second bi-monthly policy decision, adopting an accommodative stance.
IT veteran Nandan Nilekani, who headed the RBI Committee on digital payments, said the apex bank's decision on review of charges for payment systems, and constitution of a committee to review the ATM interchange fee structure would help increase digital transactions.
Your guide to the latest cricket World Cup stories, analysis, reports, opinions, live updates and scores on https://www.firstpost.com/firstcricket/series/icc-cricket-world-cup-2019.html. Follow us on Twitter and Instagram or like our Facebook page for updates throughout the ongoing event in England and Wales.
Updated Date: Jun 07, 2019 13:47:11 IST