Then the EMI of your loan will increase, the Reserve Bank has increased the repo rates by 0.5 percent

The Reserve Bank had earlier increased rates by 0.9 percent for two consecutive times in May and June. With today’s increase, rates have risen above pre-pandemic levels.

Your loan EMI will increase further

The Reserve Bank has once again given priority to controlling inflation over economic growth. The country’s central bank has increased the repo rates by half a percentage point. With this, the repo rates have increased to 5.4 percent. That is, the prime rates have now reached the level before the level of Corona. With today’s decision, there is bound to be an increase in EMI and it is possible that in the next few days, its announcements will start from the banks.

Concern about inflation and recession The Reserve Bank Governor in his address has expressed concern about rising inflation and recession around the world. He said that the emerging economy is facing a number of challenges which include weak domestic currency and foreign fund outflows and depleting foreign exchange reserves. According to the governor, India is also facing such challenges. However, he said that in the coming times, however, conditions will be better for India and inflation will also come down. Many indicators related to the economy are giving better indications than Governor Shaktikanta Das. At present, the position of foreign exchange reserves and liquidity in the system is strong.

Repo rates increased for the third time in a row The Reserve Bank has increased the repo rates for the third time in a row today, before the rates were increased by half a percent in the June policy. At the same time, with an unexpected decision in May, the rates had increased by 0.4 percent in between two policy reviews. Earlier, during the Corona period, the Reserve Bank did not change the rates for 11 consecutive times.