After reviewing the monetary policy, the central bank on Thursday announced to maintain the status quo on key interest rates. That is, no change has been made in Repo Rate and Reverse Repo Rate.
While RBI will keep the repo rate at 4 percent, the reverse repo rate will remain at 3.35 percent. This will have a direct impact on the borrowers from the bank. That is, this time also he did not get any exemption in Home Loan or Car Loan. That is, they have not got any relief in the current EMI.
Let us inform you that RBI has not made any change in the key interest rates for the 10th time in a row. The Reserve Bank had changed the interest rates in May 2020. At the same time, the Marginal Standing Facility Rate (MSFR) and Bank Rate will remain at 4.25 percent. The stance of the policy will be accommodative.
However, before the policy came, in a report by the State Bank of India (SBI), the Reserve Bank had to reduce the reverse repo rate by 0.20 percent after increasing the fixed rates and reaching a record level of debt due to the acceleration in credit growth and decline in deposits in the first half. the increase was suggested. The report says that the reverse repo rate outside the ambit of the MPC should be hiked by 20 basis points so that it can find buyers for new government debentures.
In the budget for the financial year 2022-23, it has been proposed to increase the gross debt of the central government to a record Rs 14.3 lakh crore. The gross debt in the next financial year including the states has been estimated at Rs 23.3 lakh crore. Apart from this, there is also a proposal to pay Rs 3.1 lakh crore in the budget.
Ahead of the Reserve Bank of India's (RBI) policy announcement, major stock index climbed over 110 points in early trade on Thursday, led by gains in big stocks like Infosys, HDFC, HDFC Bank, and Tata Steel.
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