Commenting on the surprise rate cut by the RBI, Director General, Confederation of Indian Industry, CII, Chandrajeet Bannerjee said the unexpected cut in headline interest rate by the RBI sends a huge positive signal that the Central bank and the government are working in tandem to provide a robust scaffolding to growth. Mr Banerjee said, CII has been advocating the need for reduction in interest rate to provide a boost to consumption as well as investment demand. He said RBI has acted out of turn to respond to this urgency of the economy and industry.Welcoming the RBI move, FICCI President Jyotsna Suri said that cut in repo rate signifies that inflationary impulses are weakening in the economy at a faster pace. She also said, it will help in lowering of lending rates by the banks for investment and consumer loans, which would contribute to overall recovery in the economy. FICCI Secretary General, Didar Singh said, it is a positive step and will improve the investment and consumption climate. He said the move by RBI is a good response to the inflation situation.Bankers have welcomed the RBI rate cut, saying it is a positive move backed by a comfortable inflationary trend. The chairperson of the country's largest lender, SBI, Arundhati Bhattacharya said in a statement, the bank will take an appropriate call of a cut in base rate by looking at all evolving circumstances. She said, the government's commitment of qualitative fiscal consolidation and the agreement reached between the RBI and the government on inflation targeting will ensure inflation to stay benign.State-run Bank of Maharashtra's executive director R K Gupta said, the rate cut shows the central bank's comfort about the quality of fiscal consolidation, and added, it is a positive factor for growth.The non-banking lender Indiabulls Housing Finance expressed the opinion that the repo cut is a clear statement of intention from the RBI about its growth focus and its comfort on inflation over the medium-term.Bankers have been earlier criticized for not passing the benefits of previous rate cuts as well as the softening in money market rates to customers.