RBI MPC Meeting: The meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), which began on September 28, will announce its decisions today. Reserve Bank Governor Shaktikanta Das will announce the repo rate and other policy rates this morning. It is likely that today the RBI is going to increase the repo rate by 0.50 percent. If this happens, then it will become expensive for banks to take loan from RBI and then they will increase their loan rates. Due to this, EMI is going to be expensive for the common man.
What is repo rate now
The Reserve Bank had increased the repo rate by 0.50 percent in its credit policy issued in August 2022, after which it came down to 5.40 percent. RBI has increased rates by 0.40 percent in May, 0.50 percent in June and 0.50 percent in August also. If today RBI increases the repo rate by 0.50 percent, then it will come down to 5.90 percent.
So far this year, the repo rate has increased by 140 basis points.
So far this year, RBI has increased the repo rate by a total of 140 basis points and if we look at its impact on banks, then many banks have increased their loan rates by 0.75 percent.
what the experts have to say
Most of the financial experts are of the opinion that due to rising inflation in the country, RBI will have to announce to increase the rates this time too. In August, the retail inflation rate came close to 7 percent, which is more than the RBI’s target of 4 percent + inflation. Apart from this, many central banks of the world are also increasing their interest rates, due to which there is pressure on RBI to increase rates. Recently, on September 21, the US Federal Reserve also increased the interest rates, which will remain in the attention of the RBI.
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