Rate cut timely — Sinha

NEW DELHI, APRIL 1: Finance Minister Yashwant Sinha said a cut in interest rates announced by the central bank on Saturday was timely and will benefit the economy. "I am glad that the Reserve Bank of India has moved comprehensively in the matter," a Finance Ministry statement quoted Sinha as saying.

The RBI earlier announced cuts in banks’ cash reserve ratio, its benchmark bank and repo rates and in the rate on savings deposits with commercial banks.

Earlier, the RBI cut the cash reserve ratio to eight per cent from nine