RBI Monetary Policy: Reserve Bank again gave a big surprise, increased the repo rate by 35 basis points, know how expensive the loan will be
RBI Monetary Policy: The decisions of the three-day Monetary Policy Committee (MPC) of RBI have been announced today. Reserve Bank of India Governor Shaktikanta Das announced the results of the Monetary Policy Committee today.
RBIA has decided to increase the repo rate by 35 basis points. Currently the repo rate is 5.9 percent which has now increased to 6.25 percent. Due to this decision, the interest rate of the loan will increase once again, which will have a direct effect on such a person. Shaktikanta Das told that 5 out of 6 members of MPC had majority voted for increasing the repo rate and after that RBI has decided to increase the repo rate by 0.35 percent. RBI has increased the interest rate for the fifth time in a row.
what will be the effect ::
It is important for you to know that after this the EMI of your loan is going to increase and taking loan will become expensive for you. Due to the increase in the repo rate, the loan rate of the banks increases, which affects the customers.
What did RBI Governor Shaktikanta Dase say?
RBI Governor Shaktikanta Das said that we have come to the end of a more challenging year and not only in the country but in many countries of the world inflation rate has been seen increasing. The supply chain situation in the country is facing challenges due to the global geopolitical situation. Bank deposit growth is currently hovering above double digits while inflation rates remain at an elevated level.
What did RBI say on inflation?
The RBI governor said that the inflation target fixed for this year is far away. Although the retail inflation rate has come down in October. The inflation rate for the financial year 2023 is estimated to be 6.7 percent.
What did you say about the country’s economic growth rate?
Shaktikanta Das said that the estimate of the country’s economic growth rate (GDP) is being reduced from 7 percent to 6.8 percent. There are many uncertainties in the global economy at present and its impact on the Indian economy is natural, yet the Indian economy will continue to grow at a fast pace.
Estimate of 6.8 percent GDP in the financial year 2022-23
With this, RBI Governor Shaktikanta Das has estimated the GDP growth rate to be 6.8 percent for the financial year 2022-23. Earlier, the Central Bank had estimated 7 percent. He said that India’s growth rate is balanced despite global challenges. He said that demand has increased, especially in rural areas, which is supporting the economy.
The interest rate has increased four times this year.
Earlier, RBIA had increased the repo rate by 0.4 percent on May 4, 0.5 percent on June 8, 0.5 percent on August 5 and 0.5 percent on September 30 this year. Due to the increase in the repo rate, the loan is continuously getting costlier.
By increasing the rates of RBI, how much burden will increase on your share?
If RBI decides to increase the interest rates today and increases the repo rate by 0.35 percent or 35 basis points, then your loan EMI can also see a significant increase. The repo rate is currently 5.90 percent and if it increases by 0.35 percent, it will increase to 6.25 percent.