A relief rally in banking stocks after RBI cuts rate
The rate cut, along with other measures, is essentially aimed to boost consumer lending
There was a relief rally in banking stocks after the Reserve Bank of India (RBI) sprang a surprise 50 basis points (bps) rate cut. The rate cut, along with other measures such as the proposal to reduce the risk weights on housing loan and cut in banks’ mandatory government security holding requirement, is essentially aimed to boost consumer lending. One basis point is 0.01%.
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