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An important meeting of the Reserve Bank of India is to be held next week amid the impact of inflation in the country. Many important issues are to be discussed and decided in the meeting of the Monetary Policy Committee. People knowledgeable in the matter say that in the meeting, the RBI can decide to increase the policy interest rates. Due to this, the EMI of the loan of the people can be expensive.
Repo rate may be 0.40 percent
RBI may increase the repo rate by up to 0.40 per cent in the next week’s review. According to foreign brokerage company Bank of America Securities, the RBI had increased the repo rate by 0.40 per cent in May last too, after which the rate was reduced to 4.40 per cent. The reason for this was said to be an attempt to control inflation.
Inflation expected to be 7 percent
According to the brokerage company, the inflation figure is expected to be 7 percent in May also. In such a situation, the Reserve Bank can take more steps to control this. RBI may increase the repo rate by 0.40 percent next week. Apart from this, in the August review also, it can increase by 0.35 percent.
people suffering from inflation
It is being told that due to the prices of tomatoes, inflation has increased again in May. The core inflation rate has reached 7.1 percent. In such a situation, increasing the interest rate of RBI is almost certain. However, the government has taken several measures to cut taxes on petrol and diesel, make imports of crude soybean and sunflower oil duty-free and bring down the cost of aircraft fuel.
loan can be expensive
It is being told that in the coming months, the RBI can once again increase the interest rates from 0.35 percent to 0.50 percent in August. If the repo rate continues to increase in the same way, then the burden of loan EMI for the common man is likely to increase further in the coming days. The report claimed that in the financial year 2022-23, the retail inflation rate is likely to remain at an average of 6.8 per cent.