FAPCCI hails RBI decision to reduce REPO rate

Hyderabad, Oct 20 (UNI) While welcoming the decision of Reserve Bank of India (RBI) in the reduction of repo rate (short-term lending rate) by 100 basis points, The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCC) President Suraj Prasad Agarwal said the step would be conducive to financil stability, which was affected due to global financial crisis.

In a statement here today Mr Agarwal said the move would help in reducing the cost of borrowing, boost the confidence of the Industry and guarantee an economic growth.

The decision would help the banking system and overall economy, he added.

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