Xinhua world economic news summary at 0900 GMT, Jan 30
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New Delhi: The Economic Survey on Friday said that the monetary policy transmission has improved resulting in fast lowering of interest rate for borrowers.
Despite reduction in rates by 250 basis points since February 2019, credit growth of banks slowed down to 6.7 per cent as on January 1, 2021.
The credit offtake from banking sector witnessed a broad-based slowdown in 2020-21 due to the outbreak of COVID-19 pandemic. RBI has reduced repo rate by 250 bps since February 2019 (the current easing cycle). The transmission of policy repo rate changes has been weak on quantity of credit. However, there has been improved transmission on rate structure and term structure, the survey said.