MUMBAI, 22 MAY, 2020 (GPN): Mr Rajan Wadhera, President, SIAM, welcomed the 40 bps reduction in repo rate. He stated that “40 bps reduction in repo rate, which takes the repo rate to 4%, is a very welcome step by RBI to support reduction in the cost of borrowing for traders and consumers and hence would positively impact consumer demand. We are hopeful that banks will pass on the benefit and support demand creation for discretionary products, like automobiles.” ENDS