Quote on RBI Policy Review - Mr. Amit Modi , Director, ABA CORP and Vice President CREDAI Western UP

Spokesperson- Mr. Amit Modi , Director ABA CORP and Vice President CREDAI western UP

India 09 August 2016: “RBI as well as the Developers have done their part, the banks on the other hand have not been generous enough to pass on the entire benefit of this reduction to end consumers. Hence, it is an expected move taken by the RBI Governor to keep repo rates unchanged as the Reserve Bank of India has cut key policy rates by 1.5 percentage points since January 2015 to signal lower interest rates in the economy, but home loan borrowers have got only around one-third of the benefit. We sincerely hope that both Finance Ministry as well as the RBI push all the Banks to transfer the entire benefit to the end consumer for whose benefit it is meant, else these moves will severely stop short of benefiting the consumer and only help in buffering the bottom lines of the banks.”