Then loans will be expensive .. and EMI will increase, Reserve Bank increases repo rates by 0.5%

The direct effect of repo rates is visible on the loans disbursed by banks to the common people. With today’s increase, soon banks can start announcing an increase in their loan rates.

Then loans will be expensive .. and EMI will increase, Reserve Bank increases repo rates by 0.5%

EMI will increase again

Get ready for expensive home loans and vehicle loans. Actually, the Reserve Bank has announced an increase in repo rates by half a percent to control inflation. Repo rates have a direct impact on the loans given to customers through banks. With the increase, now the repo rates have increased to the level of 5.9 percent. Along with this, the SDF rate has also been increased by half a percent. With inflation reaching back to 7 per cent in August, there were speculations that the central bank would continue to take a tough stance on rates. Earlier, the Federal Reserve had also increased interest rates sharply. After which central banks around the world have also shown strictness.

What did the governor say in the policy

According to the Governor of the Reserve Bank, 5 out of 6 members in the MPC were in favor of an increase of half a percent. After which the rates have been increased from 5.4 percent to 5.9 percent. According to the governor, due to these steps, inflation is expected to come down in the coming time and the inflation rate may come down to 6 percent between October and March, which is currently at the level of 7 percent. The Reserve Bank estimates that between January and March, the inflation rate will come within a satisfactory range of 2 to 6 percent. The governor said that if the recent softening of crude oil prices in the global market continues, then there can be relief on the inflation rate soon.

Economic growth forecast down

In view of the current circumstances, the Reserve Bank has reduced the growth forecast for the current financial year. RBI has reduced its economic growth forecast for the financial year 2022-23 from 7.2 per cent to 7 per cent. However, he said that economic activities in India have remained stable. According to the governor, the credit situation is better at present and the demand from rural areas is also expected to be better in the coming times.

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fourth straight lead

The increase in September is the fourth consecutive increase made by the Reserve Bank, before that in the review of August and June, the repo rates were increased by half a percentage point. At the same time, during May, the Reserve Bank suddenly increased the rates by 0.4 percent. With today’s increase, repo rates have reached a 3-year high. With the increase, loan rates will also become expensive. It is anticipated that banks will soon start announcing loans to be expensive.

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