The big announcement from the RBI governor, the third consecutive increase in repo rate
The repo rate increased: This three-day meeting of the Reserve Bank of India (RBI) and the Monetary Policy Committee (MPC) started on September 28, 2022 and went on till Friday, September 30. In this meeting, amid rising inflation, Reserve Bank of India (RBI) Governor Shaktikanta Das again shocked the customers in the press conference. Because after the estimates were made for this meeting, once again there has been an increase in the repo rate.
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Repo Rate Increase:
An important meeting of the Reserve Bank of India (RBI) and the Monetary Policy Committee (MPC) is held to discuss or review any policy rate changes in the country. At the same time, for some time, it was being speculated about this meeting that once again there may be an increase in the repo rate in the country, and this has happened. Yes, the Reserve Bank of India (RBI) has once again increased the repo rate by 0.50%. With this, the repo rate has now increased from 5.40% to 5.90%. The matter of concern is that due to this increase, the rates of everything from home loans to auto and personal loans have also increased, and now taking all these loans will be costly. Borrowers will now have to pay more EMI.
Interest rates were hiked for the third time in a row.
Let us remind you that the Reserve Bank of India (RBI) gave Indians great relief during the Corona period by not raising the repo rate for 11 consecutive times, but the RBI has now raised the interest rate for the third time in a row. At a press conference today, RBI Governor Shaktikanta Das announced that interest rates will be raised. However, earlier in August, the interest rates were raised to 5.40%. Let us tell you, the RBI takes such decisions during the monetary policy meeting, and this meeting is held every two months. During the first meeting of this financial year, i.e. in April, the repo rate was kept constant at 4%, but since then the repo rate was increased by 0.40% to 4.40% during the emergency meeting on May 2 and 3. At the same time, now it has once again registered an edge.