Is declined Repo Rate helpful for developing India

Is decreasing the repo rate by RBI helps to decrease interest amount on loans

Repo rate in our country regulated by Reserve Bank on India. Repo Rate is the rate on which RBI lends money to the banks. At present this rate is 6.25%. In previous two years RBI decreases it upto 1.5%. Repo rate directly affects the base rate charged by banks form their borrowers. But banks are not responding to the Repo rate descended by RBI. If the banks are paying less interest on the money borrowed from the RBI then they should have to decline their base rate. Decreasing base rate charges less to the borrowers and they have to pay less interest on the money borrowed. It help them in paying their loan early. The load of interest can be decreased up to helping amount and burden of interest can be decreased. But the banks responded in tortoise manner and only deduce 0.85% in base rate. Still it can be helpful by saving up to 3800 rupees per year on 20 lac home loan.The amount matters big for developing economy like India. It will effect our economy positively as purchasing power of public is increased. A large part of population will be benefited from this deduction in base rate. The increased purchasing power of people boost GDP as it  depends on purchasing power. According to an estimate Growth Rate will touch 7.3%. If the banks had regulated the Base Rate according to Repo Rate it would be a smother rising curve in Growth Rate. That decrease the time needed to be a developed county for India. Still the decrease in base rate helps a lot to our economy.