New Delhi, June 14. Following a significant reduction in interest rates by the Reserve Bank of India (RBI), Finance Minister Nirmala Sitharaman will meet with the heads of public sector banks on June 27 to review their financial performance. Additionally, the Finance Minister will discuss major government schemes.
This will be the first major review meeting after the RBI reduced the policy repo rate by 50 basis points to 5.5 percent and the cash reserve ratio (CRR) by 100 basis points to 3 percent.
The reduction in the CRR will be implemented in different phases and is expected to bring about 2.5 trillion rupees into the banking system, which will increase liquidity and boost lending.
In support of the 50 basis points jumbo cut to the repo rate, five out of six members of the Monetary Policy Committee were in favor. The rate cut is aimed at boosting economic growth, which
