RBI cuts interest rate by 35 bps, EMIs likely to come down

n an unusual move, the Reserve Bank of India (RBI) on Wednesday reduced the benchmark lending rate by 35 basis points to 5.40 per cent amid concerns over slowdown in economy. The fourth consecutive rate cut is expected to lower equated monthly instalments (EMIs) for home and auto buyers, and borrowing cost for corporate. Earlier this week, banks had assured more