The apex bank of India, RBI has revealed new interest rate, the uniform methodology has been unveiled to ensure the effective reponsiveness by banks to its policy rate changes.
According to reports, the new rules are expected to make loans cheaper that will definitely help a common man and would give them a breathe of relief.
The new norms are expected to come in effect from next financial effect , April 1st.
RBI earlier said that despite of the fact, that they cut repo rate by 125 basis in 2015, banks have reduced lending rated by only 60 points.
