The interest rate has not been increased this time, providing relief to our people. As a result, the burden of installment loans on houses and cars is no longer on the shoulders of the middle class.
New Delhi: The Reserve Bank of India (RBI) announced the new repo rate in the policy-making meeting at the end of the voting period on friday. Previously, the repo rate was not increased by the RBI in seven consecutive policy meetings despite rising inflation. Many feared that the central bank might slightly raise interest rates to control inflation after the vote. But despite the results of the vote, interest rates were not raised.
After the Reserve Bank's Monetary Policy Committee meeting on Friday, it was informed that interest rates will remain unchanged in the next quarter. This means the repo rate for the next three months will be 6.5 percent. Governor Shaktikanta Das said after the Monetary Committee meeting, "It has been possible to reduce the fear that was created about the price increase in 2022. Efforts are being made to keep the inflation rate around four percent for now. The Apex Bank hopes that common people will not have to face any more problems.”
The repo rate increased by 250 basis points from May 2022 to 2023. As a result, everyone from businessmen to borrowers and common people had to face problems. The financial pressure was increasing on the common people while trying to control the price rise. Interest rates on home and car loans were also rising steadily.
The common people got some relief as the repo rate did not increase in seven consecutive meetings. This trend continued this time as well. Notably, the repo rate was not increased even once in the financial year 2023-24. The Reserve Bank's Monetary Policy Committee has decided to keep interest rates unchanged at the beginning of the financial year 2024-25.
New Delhi: The Reserve Bank of India (RBI) announced the new repo rate in the policy-making meeting at the end of the voting period on friday. Previously, the repo rate was not increased by the RBI in seven consecutive policy meetings despite rising inflation. Many feared that the central bank might slightly raise interest rates to control inflation after the vote. But despite the results of the vote, interest rates were not raised.
After the Reserve Bank's Monetary Policy Committee meeting on Friday, it was informed that interest rates will remain unchanged in the next quarter. This means the repo rate for the next three months will be 6.5 percent. Governor Shaktikanta Das said after the Monetary Committee meeting, "It has been possible to reduce the fear that was created about the price increase in 2022. Efforts are being made to keep the inflation rate around four percent for now. The Apex Bank hopes that common people will not have to face any more problems.”
The repo rate increased by 250 basis points from May 2022 to 2023. As a result, everyone from businessmen to borrowers and common people had to face problems. The financial pressure was increasing on the common people while trying to control the price rise. Interest rates on home and car loans were also rising steadily.
The common people got some relief as the repo rate did not increase in seven consecutive meetings. This trend continued this time as well. Notably, the repo rate was not increased even once in the financial year 2023-24. The Reserve Bank's Monetary Policy Committee has decided to keep interest rates unchanged at the beginning of the financial year 2024-25.
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