Reserve Bank of India Governor Shaktikanta Das today presented the monetary policy review of the country on Friday. In this first monetary review of the current financial year, the central bank has kept the repo rate and reverse repo rate i.e. the policy interest rates unchanged. At the same time, the repo rate is at 4% and the reverse repo rate is intact at 3.35%. The Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das is likely to keep the policy interest rates in the country unchanged this time as well. However, retail may change its stance to keep inflation under control.
The meeting of the Monetary Policy Committee of the RBI started on Wednesday and the central bank reviews the monetary policy every two months. The change in policy interest rates of the central bank has an impact on various loan products of commercial banks. Yes, and most of all of this, we are home loans, at present most of the banks charge interest on home loans on the basis of repo rate.
Emphasis on promoting growth - The global situation has changed after the Russia-Ukraine War. Yes, and in such a situation, along with keeping inflation under control, the emphasis of the RBI can also be on such steps which not only provide economic security to the country but also boost economic growth. At the same time, let us tell you that this is the first meeting of the Monetary Policy Committee in the current financial year. However, in the previous 10 meetings, the committee has kept the repo rate and reverse repo rate i.e. the policy interest rates unchanged. At the same time, the RBI last cut the repo rate on May 22, 2020, since then it has remained at its historic low of 4%.
The country's largest bank State Bank of India (SBI) had said in a report last week that the central bank may raise the inflation forecast for the current financial year 2022-23. At the same time, the estimate of the economic growth rate can also be reduced. However, the RBI has set a target of 4% inflation. It can have 2% ups and downs.
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