The Bharatiya Janata Party (BJP) on Sunday welcomed Prime Minister Narendra Modi's appeal to banks to give preference to the needs of poor and middle class in his address to nation on New Year's Eve.
"The BJP welcomes Prime Minister Narendra Modi's appeal to banks to give preference over their usual priorities to the needs of poor, lower middle class and middle class people, " BJP President Amit Shah said in a statement.
"We also welcome the State Bank of India's (SBI) decision to cut its lending rates by 90 basis points.
The lower rates would boost economic activities and especially benefit cottage, micro and small industries, " he added.
He said that lower interest rates would also make housing and vehicles cheaper which will benefit the middle class.
Shah said that a rebate of 3 - 4 per cent for building houses would generate employment in rural areas.
In his address to the nation on Saturday, Prime Minister Modi announced a string of sops for poor, farmers, women and middle class, including interest subvention on housing for urban and rural poor, enhanced credit guarantees to small traders and MSMEs, a 60 - day interest waiver on select farm loans and higher interest earnings for senior citizens.
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