Ludhiana, June 10
The Federation of Industrial & Commercial Organisation (FICO) here has strongly opposed the increase in the repo rate and demands an immediate rollback. The RBI had recently increased the policy repo rate by 50 bps.
KK Seth Chairman and Gurmeet Singh Kular, president, FICO, said when the repo rate goes up, the repo rate linked lending rate (RLLR) of banks also goes up, due to which the interest rate on loans given by banks to the industry are bound to be increased too. “It would lead to an increase in the cost of production by which trade and the industrial sector will suffer further and ultimately, the entire financial burden will be borne by the customer”, said the FICO members. “ A relief package should be provided rather than imposing additional financial burden”, said Kular.
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