India TV Poll Results: The Reserve Bank of India (RBI) is all set to hold a meeting of the six-member Monetary Policy Committee (MPC) on August 8 to discuss the concern about increasing the repo rate amid a jump in inflation. The decision of the meeting will be announced on August 10. With the skyrocketing price of tomatoes, the prices of all food items have increased rapidly. In such a situation, India TV conducted a poll to know the opinion of the public on this issue.
The borrowing cost, which started rising in May last year, has stabilised with the RBI keeping the repo rate unchanged at 6.5 percent since February when it was raised from 6.25 percent. Later, in the two bi-monthly policy reviews in April and June, the benchmark rate was retained.
Will RBI increase the repo rate amid rising inflation?
India TV through its various platforms had sought opinions regarding the upcoming policy of the Reserve Bank. We asked people that due to the increase in inflation in RBI policy, will the Reserve Bank increase the repo rate again? An increase in the repo rate makes it expensive for banks to take loans leading to a hike in EMIs for lakhs of people. Home and car loan borrowers bear the maximum burden. People's opinion is mixed on this. 5210 people (58%) who participated in this poll believe that RBI can increase interest rates to control inflation. Whereas, 3503 (39%) people believe that RBI will not increase the interest rates. Whereas, 269 (3%) people said that they cannot say anything about it.
How many people have participated in the poll?
8,983 people gave their opinion in this poll. Now it will be very interesting to see whether RBI actually increases the interest rates as per the opinion of the people or does not make any change. By the way, market experts say that RBI will not make any change in the interest rates this time also. Let us tell you that RBI has not changed the interest rates since February.