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Journalism of Courage
NEW DELHI, APRIL 1: Finance Minister Yashwant Sinha said a cut in interest rates announced by the central bank on Saturday was timely and will benefit the economy. quot;I am glad that the Reserve Bank of India has moved comprehensively in the matter,quot; a Finance Ministry statement quoted Sinha as saying.
The RBI earlier announced cuts in banks8217; cash reserve ratio, its benchmark bank and repo rates and in the rate on savings deposits with commercial banks.
Earlier, the RBI cut the cash reserve ratio to eight per cent from nine in two stages of 0.5 percentage point each, the first effective from April 8 and the second from April 22.
The central bank8217;s refinance rate was cut to seven per cent from eight and the rate on savings deposits with commercial banks reduced to four per cent from 4.5. Both reductions are effective from Saturday.
