RBI's big blow to the common public, all loans became expensive
RBI's big blow to the common public, all loans became expensive

New Delhi: The Reserve Bank of India (RBI) has increased the repo rate for the fifth consecutive time this year. RBI has announced to increase the repo rate by 0.35 percent. According to RBI, the repo rate will now increase from 5.90 percent to 6.25 percent. With this decision, now all types of loans including home loans will become expensive. After the MPC meeting on Wednesday, RBI Governor Shaktikanta Das announced the increase in policy rates.

The common man of the country has once again suffered a major setback. After the Monetary Policy meeting of the Reserve Bank of India (RBI), Governor Shaktikanta Das announced the fifth consecutive increase in repo rates this year. After that, all types of loans including home loan-auto loans will become expensive and people will have to pay more EMI. After the latest increase in the repo rate in the last month of the year, the rate has reached 6.25 percent. This year, the central bank has increased interest rates by a total of 2.25 percent. RBI Governor Shaktikanta Das said that our goal is to bring inflation in the country below the set target of 6 percent. The Reserve Bank of India has retained the CPI inflation forecast for FY23 at 6.7 percent. With this, the inflation rate is expected to be above 4 percent in the next 12 months.

Let us tell you that retail inflation in the country has come down to 6.77 percent in October. After the meeting of the six-member MPC in Mumbai, the RBI Governor announced the increase in repo rate, saying that the Standing Deposit Facility (SDF rate) has been adjusted to 6 percent and the Marginal Standing Facility (MSF Rate) and Bank Rate to 6.5 percent. Rbi Governor Shaktikanta Das has projected the GDP growth rate for the financial year 2022-23 to be 6.8 percent. Earlier, the central bank had estimated 7 percent. He said that despite global challenges, India's growth rate is balanced. He said that demand has increased, especially in rural areas, which is supporting the economy. An increase in the repo rate was already anticipated. In many media reports, experts had expressed apprehension that the central bank may increase policy rates by 25-35 basis points even after relief in inflation. Significantly, inflation in the country had remained at a high level for a long time, but in the month of October, it has seen a decline. 

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