RBI Governor Sanjay Malhotra Announces Repo Rate Cut
In his first major policy move, newly appointed Reserve Bank of India (RBI) Governor Sanjay Malhotra announced a 25-basis-point (bps) reduction in the repo rate on Friday. This decision brings much-needed relief to borrowers, particularly those with home and other loans. However, it remains to be seen how quickly banks will pass on this benefit to consumers.
Alongside the rate cut, the RBI has introduced key initiatives aimed at bolstering the banking sector, particularly in the digital payments space, to enhance security and combat cyber fraud.
