In a significant move, the Reserve Bank of India (RBI) has cut its key interest rate for the first time in five years. The decision is aimed at stimulating economic growth, especially in light of the ongoing challenges in the economy. By lowering the rate, the RBI hopes to make it cheaper for businesses and consumers to borrow, which could boost spending and investment.
This move has been taken at a time when economic activity in the country is slowing down and the central bank is trying to boost it. This interest rate cut is being closely watched by economists and businessmen, as it can have far-reaching effects on everything from home loans to corporate financing. This decision reflects a change in RBI’s stance after a period of keeping rates stable.
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