The Reserve Bank of India (RBI) may increase the repo rate for the fourth time in a row to control inflation. For this, he can also take the opinion of the central banks of other countries including the US Federal Reserve.
RBI has increased the repo rate by 140 basis points (bps) since May. Experts say the central bank can now take it to a higher level (5.9 percent) in three years with an increase of 50 basis points.
The central bank had increased the repo rate by 40 basis points in May and by 50 basis points in June and August. It currently stands at 5.4 percent.
Consumer price-based (CPI) retail inflation, which started showing signs of moderation in May, rose again to 7 percent in August. The central bank takes into account retail inflation while formulating its bi-monthly monetary policy.
The RBI Governor-led Monetary Policy Committee (MCP) is scheduled to begin its three-day meeting on Wednesday. The decision of this meeting will be announced on Friday 30 September.
The US central bank, the Federal Reserve, recently announced a 0.75 percent increase in interest rates to control inflation. After the third consecutive hike, the bank's benchmark funds rate has increased from 3 percent to 3.25 percent. Central banks in Britain and the European Union have also raised rates to control inflation.
Madan Sabnavis, Chief Economist, Bank of Baroda, said inflation in India remains at a high of around 7 percent and is unlikely to come down anytime soon.
RBI has been tasked by the government to ensure that retail inflation remains at 4 percent. Dhruv Aggarwal, Group CEO, Housing.com, says that amid resilient economic expansion and strong credit growth, controlling inflation will continue to be the RBI's biggest concern.
Banks will also hike home loan interest rates due to any increase in rates, he said. But we think that it will not have much impact, as the demand for the property has not been strong. This demand will pick up further during this festive season.
ICRA's Chief Economist Aditi Nair also expects a 50 basis point increase from the Monetary Policy Committee in September 2022.
Foreign Minister expressed concern over rising oil prices: Jaishankar said - Rising oil prices are breaking India's back
External Affairs Minister S Jaishankar held a meeting with US Secretary of State Antony Blinken on Tuesday. In which he spoke on rising oil prices. Jaishankar told Blinken that we are a $2,000 per
IEA Executive Director Fatih Birol said – LiFe mission can help in tackling climate change
Fatih Birol, executive director of the International Energy Agency (IEA), said the G20 countries can use the Lifestyle for the Environment initiative first proposed by Prime Minister Narendra Modi as
Dharmendra got emotional on Dilip Kumar's death anniversary, shared an old photo, and said- this shock is hard to bear...
Dilip Kumar was known as the tragedy king of Hindi cinema. Dilip sahab, who ruled the film industry as a superstar for a long time, passed away on 7 July 2021. In such a situation, his fourth death
IND vs NZ: Is Team India benefiting by playing in one place? New Zealand's star spinner gave this reaction, know
New Zealand off-spinner Michael Bracewell on Friday dismissed any talk of India getting an unfair advantage by playing all its matches in Dubai in the ongoing Champions Trophy, saying his team is
Kedarnath Cloudburst: Third day... 300 people rescued on foot, four helicopters engaged for airlift, two bodies found
Rescue operations continued for the third day to evacuate the pilgrims stranded in Kedarnath. A dead body was found during rescue operations in Tharu camp near Lincholi on the Gaurikund-Kedarnath
Punjab Floods: Dhussi dam broke in Ludhiana's village Sasrali, water of Sutlej river entered the area
In Ludhiana, the water of the Sutlej River is causing damage to the Sasrali area of the city. Dhussi dam has broken in Sasrali village of Ludhiana. Due to this, the water of the Sutlej River has
Andre Russell: 'Russell Power' will not be seen in international cricket. Played a stormy innings in the last match, hit 4 sixes
West Indies' legendary all-rounder Andre Russell has retired from international cricket. The 37-year-old all-rounder played the last two matches of his career in two T20s against Australia. Although
More airports, better connectivity bringing people closer; Giving a boost to national progress: PM Modi
Prime Minister Narendra Modi on Wednesday said the aviation sector is bringing people closer and promoting national progress with more airports and better connectivity.
'Just after some time in the whole country...', Vice President Jagdeep Dhankar gave a big statement on the Uniform Civil Code.
Uttarakhand has become the first state in the country to implement the Uniform Civil Code i.e. UCC. Vice President Jagdeep Dhankhar has expressed happiness over this. He said that today is a very
Gujarat HC reprimands civic body on Morbi accident: Said- they are becoming smarter, be present tomorrow to answer
The Gujarat High Court has strongly reprimanded the Morbi civic body for the 137 deaths in the Morbi bridge accident in Gujarat on October 30. A bench of Justice Arvind Kumar and Justice Ashutosh J
