In a statement released today, ASSOCHAM said that it came in as a surprise to see the RBI reducing 50 basis points in the benchmark repo.
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D S Rawat, Secretary General ASSOCHAM said "What is even more heartening is the kind of resolve by Governor Dr Raghuram Rajan to work with the government and ensure that the banks pass through the rate cut without delay."
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He further added that "As much as 125 bps interest rate cut has been announced since January this year. The ball is certainly in the court of the banks, which must now rise to the occasion."
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The Secretary General added that ASSOCHAM firmly believes that with the transmission of interest rate cuts, the capacity utilisation would improve along with the revival of the investment cycle to see good days ahead.
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