RBI Repo Rate: The Reserve Bank of India’s Monetary Policy Committee (MPC) on Wednesday took a decision to raise the interest rate by 25 basis points to 6.5 per cent. Four of the six members of the MPC have opted to proceed with the repo rate hike, according to RBI Governor Shaktikanta Das.
Giving a blow to inflation to the common people RBI on Wednesday has decided to hike repo rate by .25% . After this announcement, the repo rate has increased from 6.25% to 6.50%. All types of loans including home loan, car loan, personal loan will become expensive. That means your EMI on your loan will increase once again. That is, now you will have to pay more EMI on your loan than before. In fact, this was the first MPC meeting of RBI after the presentation of the country’s general budget, in which RBI has once again given a blow to the common man.
RBI has increased the repo rate for the sixth consecutive time, giving a shock to the common people. In the last six credit policies, the RBI has increased the repo rate by a total of 250 basis points or 2.50 per cent.
After the repo rate is 6.50 percent, the loan will become even more expensive. The loan rates of banks have already increased significantly on the basis of repo rate. Actually there is pressure on RBI to maintain liquidity in the system.
RBI Governor Shaktikanta Das announced the increased rates today. Announcing the credit policy, the RBI governor said that inflation has moderated and the MPC is keeping an eye on its outlook.
After the increase in repo rate, once again home loan, car loan and personal loan will become costlier and this will affect your EMI as well.
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