On Tuesday the apex bank left the rates unchanged. The consumers will have to wait for the further cut down in the lending rates by the banks. In the sith bi-annual monetary policy the RBI has stated the repo rate at which the apex bank lends to other banks – 7.75%.
The central bank kept the cash reserve ratio (CRR) — proportion of deposits banks have to park with RBI — unchanged at 4%.or RBI’s move to cut EMIs, lenders including State Bank of India, ICICI Bank, HDFC Bank and others will have to reduce lending rates on home, auto or personal loans. While United Bank of India has announced a 0.25 percentage point cut in base rate.