RBI Repo Rate remain Unchanged: After the meeting of the Monetary Policy Committee, the Reserve Bank has decided to keep the repo rate stable on Friday. Governor Shaktikanta Das has announced this.
RBI Repo Rate: After the three-day meeting of the Monetary Policy Committee, the Reserve Bank of India has once again decided to keep the interest rates stable (RBI Repo Rate Unchanged). Reserve Bank Governor Shaktikanta Das on Friday announced to maintain the policy rate repo rate at 6.50 percent level. No change in the repo rate of RBI is a relief news for those investing in FD schemes, because they will continue to get the benefit of higher interest rates on fixed deposits. On the other hand, people are not going to get relief from expensive loans at present.
Banks will continue to offer higher interest rates on FD schemes
To control inflation in the country, between May 2022 and February 2023, the Reserve Bank had increased the repo rate by a total of 2.5 percent. Since then it has remained stable at the rate of 6.5 percent. Since the increase in repo rate, most banks are offering higher interest rates in FD schemes. These rates are the highest in the last 3 to 4 years. According to experts, after this decision of RBI, customers are getting the benefit of higher interest rates on FDs for a period of 2 to 3 years. Even after any change in the repo rate, banks can continue to offer the maximum interest rate to customers during this period.
Loan takers did not get relief
After RBI’s decision to keep the repo rate stable, the loan borrowers have not got any relief. It is worth noting that the increased repo rate directly impacts the customers taking home loan, car loan, education loan. In such a situation, if you are thinking of buying a house or car this festive season, then you will have to take a loan at a higher interest rate only. RBI had announced increase in repo rate in May 2022. Since then, interest rates have been increased by up to 2.50 percent. In such a situation, the impact of these rates has directly fallen on the borrowers and this will continue even in the festive season of 2023 .
RBI is adopting this policy
For a long time, there has been increasing pressure on the Reserve Bank to reduce interest rates so that the economy can be supported, but keeping in mind the global and domestic situation, RBI is currently adopting the strategy of wait and watch. For a long time, there was a huge increase in the prices of crude oil in the global market and it had increased to $ 90 per barrel. The increase in the price of crude oil affects the inflation of the entire world. Talking about other central banks of the world, at present no bank has decided to reduce interest rates.
