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Slashing Interest Rates will Boost Economy in Big Way: Devendra Fadnavis

Maharashtra Chief Minister Devendra Fadnavis on Monday said lowering of interest rate by banks was a positive impact of demonetisation which will boost economy in a big way.

Press Trust Of India

Updated:January 2, 2017, 7:45 PM IST
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Slashing Interest Rates will Boost Economy in Big Way:  Devendra Fadnavis
Maharashtra Chief Minister Devendra Fadnavis. (PTI Photo)

Mumbai: Maharashtra Chief Minister Devendra Fadnavis on Monday said lowering of interest rate by banks was a positive impact of demonetisation which will boost economy in a big way.

"I welcome slashing of interest rate by banks. It is yet another positive impact of demonetisation decision by
Narendra Modi ji," Fadnavis tweeted.

"This will boost economy in big way. Major relief in housing, auto and consumer durables sector will see great change, generating lot of employment," the Chief Minister added.

"Lower the interest rates, higher the investments, higher the investments, more is the employment generation and
happier the nation," said Fadnavis.

Top PSU lenders State Bank, PNB and Union Bank had on Sunday slashed their benchmark lending rates by up to 90 basis points, after Prime Minister Narendra Modi asked banks to priorities their lending towards the poor
and middle class.

Public sector lender Dena bank on Monday slashed its benchmark lending rate by 0.75 per cent.

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