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Indian Economy in the Upward Swing | Wishesh Oct Magazine


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Indian Economy in the Upward Swing | Wishesh Oct Magazine

  1. 1. OCTOBER 2015 | WWW.WISHESH.COMWWW.WISHESH.COM | OCTOBER 2015 42 Indian economy in the upward swing IN BUSINESS IN BUSINESS The Reserve Bank of India (RBI) has cut its key lending rate - the repo rate - by 0.50 percentage points to 6.75%, which helps in setting the stage for lower loan rates for consumers ahead of the festival season and cheaper bank capital for companies to aid investment. India’s largest lender SBI has slashed its lending rate by 0.40% within a couple of hours of RBI rate cut. Axis Bank has also lowered its base rate by 35 basis points to 9.5 percent, effective October 5. Axis Bank, Managing Director and Chief Executive Officer, Shikha Sharma had said that there is “nothing wrong in expecting a 25 bps cut by banks.” The largest private sector lender ICICI Bank also hinted at cutting its base rate by at least 0.25%. SBI chairman Arundhati Bhattacharya said, “This time, the RBI has cut the repo by 50 bps and we have