Get Futures Price   
Highlights of RBI repo rate cut
Published on: December 06, 2008 at 15:50
Commodity Online
MUMBAI: In an attempt to beat the economic meltdown, the Reserve Bank of India (RBI) on Saturday cut key short-term lending and borrowing rates by 100 basis points each.

The apex Indian central bank also decided to pump in Rs 11,000 crore for housing and micro industries to induce demand which it said will propel economic growth in the country.

Following are the key highlights of RBI rate cut:

* Repo-rate cut by 1% from 7.5% to 6.5%

* Reverse repo rate cut by 1% from 6% to 5%

* Reverse repo rate cut for the first time since 2003

* CRR, SLR kept unchanged at 5.5% and 24%, respectively

* Housing loans up to Rs 20 lakh to be put under priority sector lending by banks providing credit to HFCs

* Refinance for up to Rs 7,000 crore to SIDBI for the employment intensive micro and small enterprises

* Refinance for Rs 4,000 crore for the National Housing Bank under consideration

* Concessional finance may be allowed for up to 180 days for overdue bills of exporters

* Companies may be allowed to buy back FCCBs prematurely
Bookmark
 
 
Total Comments :   0 
Join the discussion
Name *
Your Email
Comments:
characters left
Enter the text as it is shown in the box below
In India, gold is considered as one of the prestigious instruments of investment among the household consumers. Small household units are now becoming potential investors for gold from the key consumers. The demand for consumption purpose is no longer the main driver of demand for the yellow metal, but the systematic investments in retail gold investment options is the latest crush among the small investors in the country.
Explore Commodity
Online
Read
Check Out
In Depth
Channels
Research
SMS Services
Others
About Us   |    Advertise   |    Contact Us   |    Feedback   |    Disclaimer   |    Terms & Conditions   |    Sitemap