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RBI instructs banks for cheap personal loans stimulating economy Analysis
Thursday, October 03 2013
Reserve Bank of India's (RBI) economic stimulus move to provide cheap personal loans for bikes, fridge, electronics goods
Reserve Bank of India has released an advisory to banks to offer cheap personal loans to their users in wake of coming festival season on Thursday, 3rd October 2013. RBI's move towards cheap personal loan is seen as economic stimulus for Indian economy.
After taking charge of RBI governor Raghuram Rajan came up with strong decision to curb falling Rupee value in foreign exchange trading markets. This is first kind of soft decision taken by RBI towards providing cheap loans once they increased the repo rates in last monetory policy review.
RBI's current decision to ease personal loan norms might stimulate Indian economy in Indian turf against depressive sentiments towards market just ahead of major buying season starting from October 2013.