RBI MPC Meeting: Did your home loan EMI increase or decrease? RBI gave its decision regarding repo rate

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RBI MPC Meeting: Did your home loan EMI increase or decrease? RBI gave its decision regarding repo rate
RBI MPC Meeting: Did your home loan EMI increase or decrease? RBI gave its decision regarding repo rate

Reserve Bank of India (RBI) Governor Shaktikanta Das released the monetary policy review. This time also he did not make any change in the main policy rate repo rate.

Reserve Bank of India (RBI) Governor Shaktikanta Das released the monetary policy review. This time also he did not make any change in the main policy rate repo rate. This time also the repo rate has been maintained at 6.5 percent. Loan taking customers will benefit from the repo rate remaining at its previous level. This is the sixth consecutive time when there has been no change in the repo rate. Das said that during the MPC meeting, it was unanimously decided not to make any change in the repo rate. The central bank last increased the repo rate to 6.5 percent in February 2023.

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Announcing the monetary policy review, Central Bank Governor Das said that the country’s economy is showing strength amidst uncertainty at the global level. On one hand economic growth is increasing, on the other hand inflation has decreased. The repo rate has been maintained to control inflation and accelerate economic growth. He said, the pace of growth is accelerating and it is surpassing the estimates of most analysts.

What is repo rate?

The rate at which loans are given to banks by RBI is called repo rate. Increase in repo rate means that banks will get loans from RBI at expensive rates. This will increase the interest rates on home loan, car loan and personal loan etc., which will have a direct impact on your EMI.

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