The Reserve Bank of India on Friday cut interest rates. RBI has reduced the policy repo rate by 0.40 percent. With this deduction, now the repo rate has come down to 4 percent. With this, the reverse repo rate has also decreased by 40 bps for the second time in a month and now it is 3.35%. RBI's move has been welcomed by Anuj Puri, Chairman of ANAROCK Property Consultants.
In his statement, he said that Corona has had a serious impact on all sectors including real estate. Puri said that the 40 bps reduction in RBI's repo rate, which has come down to 4% from 4.40% earlier, is a welcome move. He said that along with this, the reverse repo rate has also decreased by 40 bps for the second time in a month and now it has come down to 3.35%.
For your information, let us tell you that according to Chairman Anuj Puri, this is another big step taken by RBI, which will reduce the cash crisis for the developers, he said that the rate cut will not only give a positive signal, but also to banks Will enable even more lending. In this way, the RBI has given a big relief to the customers paying EMI. After extending the loan moratorium period for 3 months, now it can be availed till August 31. He said that this will prove to be a good step for the real estate sector in the coming time.