You may get higher interest on your deposits in banks in the coming months. A report was released by the RBI on Saturday, in which it was told that the demand for loans in the country is increasing rapidly and in the last few years there is a big difference in the interest rates of deposits and loan amount. In such a situation, banks will have to raise interest rates to attract more deposits.
RBI on falling rupee: On falling rupee, RBI Deputy Governor Michael Patra said that first of all, we have to keep an eye on the increasing trading deficit and the withdrawal from the portfolio. According to the data, RBI has bought foreign exchange of about $ 10 billion and sold reserves of $ 8.1 billion to handle the falling price of the rupee. This RBI has bought reserves of net two billion dollars.
Relief from inflation: It has been said by the Reserve Bank that from the signals coming from the economy, it seems that inflation has reached its peak level and will see a decline in the future. Also, inflation will reach below 6 per cent in the fourth quarter of this financial year. It was further said that it will take more than two years for inflation to reach 4 per cent. Growth will be supported by normal rains and less inflationary pressures and the demand for loans will also increase sharply due to improvement in economic activity.
The 2022 bulletin issued by the RBI said, “No presumption of monetary policy can be made. Whenever there is any risk in front of the economy, RBI takes all the steps so that the Indian economy can be saved. At the same time, about inflation, he said that it is too early to say anything, but there are indications from the economy that inflation has reached its peak.
Let us tell you, retail inflation has been 7.01 percent in the June quarter this year, which is marginally lower than last month’s inflation growth rate of 7.04 percent. Earlier, April retail inflation had reached an all-time high of 7.79 per cent.