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Mr K.R. Kamath, Chairman and Managing Director, Punjab National Bank , said the 50 basis points cut in repo rate is a strong signal sent out by the Reserve Bank of India, clearly indicating that growth will be supported.
“Though the central bank has made it amply clear that supporting growth will be a focus, however, there are still some areas of concern as inflationary pressures still exist,” Mr Kamath said.
The benefit of rate cut will be eventually passed on to the customers, he added.
Credit growth
According to Mr J.P. Dua, Chairman and Managing Director, Allahabad Bank, the half-a-percentage point cut in repo rate will bring down the cost of credit for consumers.
“The rate cut will have a positive impact on sentiments and will boost credit growth,” Mr Dua said.
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