HomeTech newsRBI Repo Rate Hike: EMI becomes expensive in festive season, RBI increases...

RBI Repo Rate Hike: EMI becomes expensive in festive season, RBI increases repo rate by 0.50% for the fourth time

RBI Repo Rate Hike: Your EMI has become more expensive during the festive season. RBI has decided to increase the repo rate for the fourth time in a row. The RBI has increased the repo rate from 5.40 percent to 5.90 percent, increasing the repo rate by 50 basis points. Governor Shaktikanta Das has made this announcement after the RBI Monetary Policy meeting. That is, now there has been an increase of 1.90 percent in five months.

EMI will be expensive
After this decision of RBI, from home loan to car loan and education loan, it is sure to be expensive. On the other hand, those who have already taken a home loan, their EMI will become more expensive. The RBI Governor has taken the decision to increase the repo rate after three days of the meeting of the Monetary Policy Committee.

Decision taken due to increase in inflation
The meeting of the Monetary Policy Committee started from 28 September. In the month of August, the retail inflation rate has been 7 percent. Due to which the RBI had to take a decision to increase the interest rates to check inflation.

debt became expensive for the fourth time
In the financial year 2022-23, the RBI has decided to increase the repo rate for the fourth time in a row after rising inflation. On May 4, the repo rate was increased by 40 basis points to 4.40 percent, after which on June 8, it was increased by 50 basis points, after which the repo rate was increased again by 50 basis points in August. And on September 30, 2022, the repo rate was again increased by 50 basis points. After this decision of RBI, the repo rate has been increased by 1.90 percent. After the latest decision of RBI, private to government banks can make loans expensive.

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