RBI Asks Banks to Cut Interest Rates for Customers

The RBI, the country's central bank, wants all banks to lower their interest rates quickly after they cut their own key interest rate.

They say banks should pass on these savings to their customers, so loans become cheaper.

Since the RBI lowered rates, many banks have already done this.

Also, the RBI has reduced the amount of money banks must keep in reserve, which will give banks more money to lend out.

This will make it easier for people to borrow money and may reduce the cost of funds for banks.