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The 50 basis points cut in repo rate by the Reserve Bank of India today is a “pleasant surprise’’, according to Mr M. Bhagavantha Rao, Managing Director, State Bank of Hyderabad.
“The more-than expected reduction will also trigger appetite for more home loans and corporate loans,’’ he told Business Line here on Tuesday.
The banks can also expect more relief on the liquidity front. “The liquidity has been improving recently. Coupled with the positive impact of the rate cut announced today, banks should not have any liquidity issues for the next two months at least,’’ he said.
A major part of the repo cut would be passed on to the customers, he added.
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