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D/T : 8 August 2022 9:49 AM

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Bank loans will be expensive due to the increase in policy interest rates

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New Delhi: The Reserve Bank of India’s (RBI) Monetary Policy Committee will convene again tomorrow. Up to August 5, which is the last business day of this week, this meeting will continue. The RBI’s monetary policy will be revealed on Friday itself, following the meeting. During the Monetary Policy Committee meeting, the decision to raise the repo rate may be considered once more. As a result of the higher EMI of loan instruments like home and vehicle loans, all loans from banks will become more expensive if this occurs.

It is expected that the Monetary Policy Committee may announce an increase in policy interest rates, especially the repo rate, by 25 to 50 basis points. If this occurs, the repo rate may rise by 0.25 to 0.50 percent. After the last hike in policy rates, the repo rate is currently at 4.90 percent, which is expected to increase to 5.15 to 5.40 percent this time.

Experts say that controlling inflation is currently the biggest priority of the Reserve Bank of India. For this reason, it is considered fixed to increase the interest rates on the 5th. It is being said that at the next meeting of the Monetary Policy Committee to be held in October, a decision can be taken to increase the interest rates once again. so that inflation can be controlled.

In order to control rising inflation, the Reserve Bank of India has increased the repo rate twice this year. First, in the month of May, the repo rate was increased by 0.40 percent, while the next month, the Reserve Bank again increased the repo rate by 0.50 percent. As a result of this, the repo rate has risen to 4.90 percent.

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