RBI That is, the Reserve Bank of India has increased the repo rate for the fifth consecutive time this year. Its direct impact is going to fall on the common man. RBI has announced to increase the repo rate by 0.35 percent. According to RBI, now the repo rate will increase from 5.90 percent to 6.25 percent. Due to which now all types of loans including home loan, car loan will become expensive. After the meeting in the MPC, RBI Governor Shaktikanta Das has announced to increase the policy rates on Wednesday.
Estimate of 6.8 percent GDP in Financial Year 2023
Along with this, the RBI governor has estimated the GDP growth rate to be 6.8 percent for the financial year 2022-23. Earlier, the central bank had also projected a growth rate of 7 per cent for the financial year 2022-23. Shaktikanta Das said that despite the global challenges, India’s growth rate is balanced. Demand has increased. Demand has increased especially in rural areas, due to which the economy is getting support.
read this also: CITROEN C3: This premium car is available with a discount of Rs 30,000, know its strong features
How much did the repo rate increase this year?
This year, the repo rate has been increased for the fifth time by the Reserve Bank. The process of increase started from the month of May 2022. The repo rate was increased by 0.40 per cent in May. In the next month, in June, the RBI again increased the interest rates by 0.50 percent. This trend did not stop here, once again in the month of August, there was an increase of 0.50 percent, while in September also the central bank increased the policy rates by 0.50 percent. Now this is happening for the fifth time when the central bank has increased the out-of-pocket expenditure of the people.
What are repo rates
Repo rate is the rate at which RBI lends to other banks. On the other hand, if we talk about reverse repo rate, then reverse repo rate is called the rate at which RBI gives interest to banks for keeping money.
What will be the impact on EMI
Explain that due to the increase in the repo rate, all types of loans become costlier and in this sequence, the EMI also increases and the EMI of the loan decreases due to the decrease in the repo rate.
Also Read: Relationship Tips: Follow some simple tips for a healthy relationship
For all the news of the country and the world, subscribe to our YouTube channel ‘Web News INDIA’ now. YOU CAN ALSO FOLLOW US ON FACEBOOK, INSTAGRAM AND TWITTER.
Source: www.dnpindiahindi.in”