Right decision at right time.Reserve Bank on India decided to decrease its CRR and Reporate on 1/11/2008 and implemented it as if it were a gift of new year to the country.
Decrease in these rates will have effect on the current rates of interest charged on home loans and car loans.Both of these rates will decrease by 1-2 % and also help in increasing business as it has allowed to take loan from RBI for 90 days period to all the private sector banks and by this move banks will have enough funds to manage resulting in clear cut reduction in all types of loans with maximum effect in home loans and car loan.
By this move investment in business will increase as businessman will take loans from banks due to low rates and so will help india to come out from this financial crisis faced by the country during this current period.
Banks will get Rs. 85,000 crores for providing loans by this move.
Thus now it will be feasible for people to get loans at low interest rates compared to earlier and will be able to invest in their business and resulting in development of their business ,creating job oppurtunities for unemployed and ultimately resulting in increasing overall GDP of india.
So indians enjoy these low rates and get set for your new targets in new year
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