The results of the three -day meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) have come. RBI Governor Sanjay Malhotra announced today (1 October) that no change in the repo rate has been announced. This decision has been taken in the MPC meeting which started on 29 September. It is clear from this announcement that there will be no change on the EMI (monthly installment) of your loan taken by banks. After August, in this meeting of October, the rate of repo rate has been kept stable at 5.5%. However, earlier this year, repo rates were cut three times this year.
The main point of MPC meeting
The meeting lasted from 29 September to 1 October under the chairmanship of RBI Governor Sanjay Malhotra. A total of six members of MPC participated in it. The results of the meeting were announced through a press conference.
Repo rate stable: The rate of repo rate has been retained at 5.50%.
Stability for the second consecutive time: This is the second consecutive time after August meeting when there is no change in repo rates.
Previous deduction: The final reduction in repo rate was made in June. It was decided to cut MPC meetings held in February, April and June this year.
Impact on loan and EMI
Due to lack of repo rate, common consumers, especially home loans, will not get any relief.
EMI stable: RBI has not changed the repo rate, so the current and new loan interest rates will remain stable. This simply means that the burden of your monthly debt will remain the same and there will be no shortage in EMI.
Economic advantage: The possible economic benefit from repo rate cuts (on festivals or other occasions) is currently postponed.
If the repo rate rates were cut, it could have been the fourth cut of this year. But at the moment, the rate of repo rate has been retained at 5.50%, due to which the October meeting has not been included in the cut.
