The Reserve Bank of India (RBI) on Friday left interest rates unchanged at 4 per cent. This is the fourth time in a row when the RBI has left the rate unchanged.
The Reserve Bank of India (RBI) had cut rates by 1.15 per cent in two moves since the onset of the pandemic in March this year in order to push economic growth, but surprised many by holding on to rates at the August review as inflation overshot its target.
The Reserve Bank is likely to cut rates by 0.25 per cent at next week's policy review even though inflation remains on the higher side, domestic ratings agency Crisil said on Friday.
According to market observers, the monetary policy committee of the RBI is expected to go ahead and further reduce the key lending rate, to give further impetus to growth.
The government has also decided to make necessary changes in PMLA rules and Aadhaar regulations to ease the lending process, Finance Minister Nirmala Sitharaman said.
SBI reduced its MCLR by 5 basis points (0.05 per cent) across all tenors with the one-year MCLR coming down from 8.55 per cent per annum to 8.50 per cent per annum.
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