Mumbai You are once again going to get the shock of EMI on your loan. The reason for this is that the Reserve Bank has once again increased the repo rate in the announcement of its monetary policy. Reserve Bank RBI Governor Shaktikanta Das announced this today. He told that the repo rate is being increased by 0.35 percent. Now the repo rate will be 6.25 percent. Shaktikanta Das told that 5 out of 6 members of Monetary Policy Committee i.e. MPC were in favor of increasing the repo rate. After which it is being announced to increase it.
Please tell that inflation is still not under control. It is estimated to be 6.7 percent in this financial year. RBI has estimated it to be 6.6 per cent in the third quarter of this year, 5.9 per cent in the fourth quarter, 5 per cent in the first quarter of the next financial year and 5.4 per cent in the second quarter.
After the increase in the repo rate, now the banks will also increase the EMI of your loan. This will make it costlier to take loans. However, interest on deposits is also expected to increase. That is, banks can give you the benefit by increasing the interest rate on FD and other deposit schemes. Shaktikanta Das said that we have come to the end of a challenging year. Inflation is increasing in many countries of the world. Supply chains are facing challenges due to the global situation. The credit growth of banks is also above double digit.
Earlier, the Reserve Bank has increased the repo rate by a total of 1.90 per cent in its last three monetary policy committee meetings. In May this year, it increased by 40 basis points and in June and August by 50 basis points each. Earlier the repo rate was at 5.90 per cent.