Slashing interest rates will give massive boost to economy: Maharashtra CM Devendra Fadnavis

Maharashtra Chief Minister Devendra Fadnavis said on Monday that lowering interest rate by banks was a positive impact of demonetisation which in turn will boost the 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 a 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 slashed their benchmark lending rates on Sunday by up to 90 basis points, after Prime Minister Narendra Modi asked banks to prioritise their lending towards the poor and middle class. Public sector lender Dena bank slashed its benchmark lending rate by 0.75 percent on Monday.