RBI rate cut to make loans affordable to MSMEs, exporters: Goyal

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 Thursday. He said that removal of charges on NEFT and RTGS transactions will bring great relief to the people and will help in promoting 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 -- third time in a row to 5.75 per cent 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.

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