The Reserve Bank of India (RBI) on Wednesday increased the repo rate by 0.25%. With this, the repo rate has now increased from 6.25% to 6.50%. In simple words, everything from home loan to auto and personal loan will become expensive and you will have to pay more EMI. However, FD will definitely get more interest. This is the highest rate of repo rate since August 1, 2018, earlier the repo rate was 6.50%.
The decision has been taken at the first meeting of the MPC after Finance Minister Nirmala Sitharaman presented the budget on February 1. The committee meeting was going on since February 6 to decide on interest rates. RBI Governor Shaktikanta Das made the announcement related to interest rates in a press conference on Wednesday. Earlier in the meeting held in December, the interest rates were increased from 5.90% to 6.25%.
Let us tell you that the monetary policy meeting is held every two months. The first meeting of this financial year was held in April. Then the RBI kept the repo rate constant at 4%, but after this, by calling an emergency meeting on May 2 and 3, the repo rate was increased by 0.40% to 4.40%.
After this, in the meeting held from June 6 to 8, the repo rate was increased by 0.50%. This increased the repo rate from 4.40% to 4.90%. Then in August it was increased by 0.50%, in September the interest rates went up to 5.90%. After this, interest rates have reached 6.25% in December and now interest rates have reached 6.50%.
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