The Reserve Bank of India (RBI) has slashed its benchmark lending rate by 25 basis points. This is its first such move in five years and paves the way for banks to curb loan rates. This comes days after the finance minister, during her Budget speech, announced that income up to ₹12 lakh would be tax-free under the new regime. India Inc has lauded the rate cut, saying that it will complement the Budget decisions to boost consumption.
