RBI today i.e. 7th August, 2019 cut the interest rates by 35 bps to banks which are now 5.4%. Its fourth time in a row that RBI has cut the interest rates. They have done so keeping in mind the various challenges economy is facing.
In recent times, there is steep fall in demand of loans for Durables such as Cars, Flats etc. To improve the demand and keep economy on track, it was necessary and expected from RBI. Now retail cutomers can enjoy lower EMI payments due to reduced interest rates.