New Delhi: Union Finance Minister Nirmala Sitharaman has made a big announcement for the middle class. The Finance Minister said that 8 state-owned banks have launched repo rate linked loans. This means that consumers will now get loans at a lower rate than before. Apart from this, they will get the benefit of this in the form of an early reduction in interest rate if the repo rate is cut. She said that banks have made announcements in recent times in the interest of consumers.
The Finance Minister said that work is going on to make the country a 5 lakh crore economy. Apart from this, 3 lakh fake companies have also been closed. She said that good management has been done in banks. Within a week, Finance Minister Nirmala Sitharaman held a second press conference on Friday to give a boost to the economy. Sitharaman said that as on date, a credit of Rs 1.9 lakh crore is available in the economy.
She said that there is a need to increase equity flow in banks. There should be good governance as well. The government has become fully active in the slowdown in the country. The government is looking for every possible way to overcome the recession. This is included in the announcements made by the Union Cabinet regarding APDI.