RBI MPC Meet Today , Reserve Bank of India may announce its new monetary policy today. There is a possibility that the RBI may increase the repo rate once again. Let us tell you that the monetary policy meeting of the Reserve Bank of India started on June 6 and after a marathon meeting that lasted for three days, RBI can announce its decisions today. If the Reserve Bank announces an increase in the repo rate today, then it will have a direct impact on the general public.
RBI had increased the interest in the first month of May
Let us tell you that in the month of May also after the review of monetary policy, RBI had increased the interest in policy rates, after which all private and public sector banks also increased the loan rates. RBI’s monetary policy review hints at a hike in base rates. It is expected that the Reserve Bank of India may increase the repo rates by 0.25 to 0.50 percent.
RBI governor has given indications to increase interest rate
Reserve Bank Governor Shaktikanta Das has already expressed the possibility that the policy interest rate can be increased, but how much it will increase can be known today. RBI had increased the repo rate by 0.40 per cent in the unscheduled Monetary Policy Committee (MPC) meeting last month. After the monetary policy meeting on May 4, the RBI suddenly increased the repo rate by 40 basis points to 4.40 per cent and the cash reserve ratio by 50 basis points from 4 per cent to 4.50 per cent.
The biggest challenge is to control inflation
Significantly, retail inflation rose for the 7th consecutive month in April to an 8-year high of 7.79 per cent. In fact, due to the Ukraine-Russia war, there is an increase in the prices of commodities including fuel. Inflation based on wholesale prices has remained in double digits for the past 13 months and reached a record high of 15.08 per cent in April.
Posted By: Sandeep Chourey