RBI slashes Repo Rate by 1 percent to 8%

Breaking News! In an unprecedented move, the Reserve Bank of India has slashed the repo rate by 1 percent to 8% in order to improve the liquidity in the market। This is for the first time since 2004 that RBI has slashed the repo rate। Repo rate is the lending rate at which RBI offers loans to the banks। With the reduction in repo rate, the home loan and car loan rates are likely to go down।