RBI keeps repo rate unchanged at 6.5% for the fifth time in a row; no hike in home loan rates
Business | December 08, 2023 10:27 ISTRetail inflation in India though, is in RBI's 2-6 per cent comfort level but is above the ideal 4 per cent scenario.
Retail inflation in India though, is in RBI's 2-6 per cent comfort level but is above the ideal 4 per cent scenario.
The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.
In response to rising inflation, the central bank has increased its repo rate by 250 basis points since January 2022, impacting affordability and increasing EMI burdens by 14.4% since then.
The Central Bank decided to keep policy rate unchanged for third time in a row as it maintains heightened vigil on inflation.
India TV Poll Results: In order to know what the public wants, India TV took public opinion on this issue through a poll.
The Governor also informed that overall inflation is above the target and the current policy rate still remains accommodative.
RBI increased the Repo Rate by 25 basis points on February 8, prompting many banks to raise interest rates on personal, car, and home loans.
Home, car loan EMIs set to rise again as RBI hiked interest rate by 25 BPS to 6.5%
Since May last year, the Reserve Bank has increased the short-term lending rate by 225 basis points to contain inflation, mostly driven by external factors, especially global supply chain disruption following the Russia-Ukraine war outbreak.
The RBI on Wednesday hikes the key repo rate by 35 basis points. The rise in repo rate is the fifth straight increase since May.
RBI's decision to hike the repo rate sets the stage clear for banks, housing finance companies and other lenders to hike the interest rate on all kinds of loans including home and auto.
RBI's decision to raise the interest rate is aimed at doubling down the fight to contain inflation that has surged in the last couple of months.
RBI had in May hiked the repo rate by 40 basis points (bps) to 4.40 per cent amidst rising inflation concerns. This was the first hike after August 2018.
RBI Governor Shaktikanta Das said that there will be some hike but how much I will not be able to tell now... to say that 5.15 (per cent) may not be very accurate.
The Reserve Bank of India in a surprise move on Wednesday (May 4) announced to hike the repo rate by 40 basis points to 4.40 per cent, the first hike since August 2018.
RBI decided to leave the benchmark interest rate unchanged at 4 per cent, but maintained an accommodative stance as the economy faces the brunt of the second COVID wave
The Reserve Bank of India (RBI) on Friday left interest rates unchanged at 4 per cent. This is the fourth time in a row when the RBI has left the rate unchanged.
State-owned Bank of Maharashtra has reduced its repo linked lending rate (RLLR) by 15 basis points to 6.90 per cent. The lender's retail and MSME loans are linked to RLLR. The new rates are effective from November 7.
RBI has announced term repo operations totalling Rs 1 lakh crore in mid-September to ease pressure on the liquidity and maintain congenial financial conditions with a view to ensuring sustainable recovery of economic growth.
Reserve Bank of India (RBI) on August 06 announced that repo rate and reverse repo rate will remain unchanged.
Top News
Latest News
