Finance Minister Nirmala Sitharaman to hold meeting with public sector banks on July 27

Union Finance Minister Nirmala Sitharaman to chair meeting with public sector banks (PSBs) on Friday, June 27, Zee Business reported.

As the Reserve Bank of India (RBI) has cut the repo rate by 50 basis points to 5.5%, the banks are supposed to pass this benefit to customers who are paying loan installments. The meeting will review the loan interest rates for home loans, car loans, and personal loans that many banks have not reduced for their customers.

RBI Repo rate cut

Add Zee Business as a Preferred Source

The Reserve Bank of India in its second bi-monthly monetary policy review in the backdrop of favourable macros on expected lines reduced repo rate cut by 50 basis points to 5.5 per cent.1 basis point is one-hundredth of a percentage point.

After a 100 basis point rate cut since February 2025, the RBI Governor Sanjay Malhotra said it is left with lower room to support growth and hence it changed stance to 'neutral' from the previous 'accommodative'.

RBI Governor added that from now MPC will carefully assess income data, evolving outlook to chart out future policy.