Centre monitoring repo rate cut transmission to consumers: Finance Minister

New Delhi

“We are closely monitoring the situation in consultation with banks so that the relief measures announced by the Government effectively percolate to ground levels, especially the transmission of repo rate cuts to consumers in terms of reduced interest rates,” she said while interacting with the Managing Committee Members of PHD Chamber of Commerce and Industry via video conferencing.

 She said the government was closely watching the developments in disbursement of loans under the provision of Rs 3 lakh crore collateral free automatic loans for businesses to mitigate the daunting impact of pandemic COVID-19 on trade and industry.

 RBI former governor Urjit Patel named NIPFP Chairman
 Meanwhile, Former RBI governor Urjit Patel will take charge as Chairman of the National Institute of Public Finance and Policy from June 22, the economic think tank said. He will replace Vijay Kelkar. Patel on Dec 10, 2018, had unexpectedly resigned four days ahead of a crucial meeting of the board of the central bank that could have discussed issues of simmering differences with the Centre.