As per reports, the Reserve Bank of India has cut the repo rate, short term lending rate at which it gives loan to banks, third time in a row to 5.75 per cent in its second bi-monthly policy decision, adopting an accommodative stance.
In wake of this decision, Commerce and Industry Minister Piyush Goyal said, the repo rate cut by the RBI will help boost India's economy by making loans affordable to MSMEs, exporters and home buyers. He also mentioned that the removal of charges on NEFT and RTGS transactions will bring great relief to the people and promote the Digital India initiative.
He made the statement in a tweet, "Repo rate cut by RBI will boost India's economy by making loans affordable to MSMEs, exporters & home buyers."
On digital transactions, Nandan Nilekani, who headed the RBI Committee on digital payments, said that 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 in the country.