Tirupur Exporters’ Association today welcomed the 0.5 per cent reduction in repo rate by the Reserve Bank from 7.25 per cent to 6.75 per cent with immediate effect.
Endorsing RBI’s view that banks should come forward and transmit the rate reduction so that customers can avail themselves of the actual benefit of such cuts, TEA president A Shaktivel said banks should also work out means to reduce their base rate, which would trigger more investment and also export growth.