New Delhi: The RBI had been in a fix for long about how to cut interest rates and whether it is even possible for them to cut interest rates any further. At such a juncture of time the finance ministry and the RBI together have come up with a new plan that can alleviate the burden of home buyers this festive season. The finance ministry is planning to take a lesson from the Bank of England and provide funding to banks and housing societies at a lower rate.Raghuran Rajan the governor of RBI had a meeting with Finance Minister P. Chidambaram and Prime Minister Manmohan Singh on 17th September discussing this policy and the macro economic situation of the country. The policy will be presented on 20th September 2013.The Bank of England launched a scheme in 2012 in which it provided the banks and building societies incentives to give a boost to their lending. This scheme was called Funding for Lending Scheme. The Bank of England websites states that the quantity and price of funding depended on the lending performance of the organizations.To boost the realty sector the government and the RBI will be allowing consumers to access funds at lower rates if they are buying houses. Due to a weak rupee in its previous policy review in July the interest rates were kept unchanged. The repo rate was fixed at 7.25%, reverse repo rate at 6.25% and cash reserve ratio at 4%.The rupee has declined even further in august touching an all time low at 68.85 against dollar; the industry has pushed really hard for a reduction. They are blaming the RBI’s high interest rates for the slowdown in the industry. Bankers are also demanding a cut in the cash reserve ratio. According to these sectors these policies will help in boosting demand for manufactured goods and revive the slow economy in the festive season that is just around the corner.займ на карту без отказов круглосуточновзять кредит онлайн