Taking a big decision on Wednesday, the Reserve Bank of India (RBI) increased the policy interest rates, that is, now home-auto and personal loans will become expensive. Please note that these rates were unchanged from May 2020. Significantly, the MPC voted unanimously on the proposal to increase interest rates and after this, Reserve Bank Governor Shaktikanta Das issued an order to increase the policy repo rates by 40 basis points with immediate effect. Das said that this decision is being taken due to the risk and increasing volatility in the commodities and financial markets.
After this hike, the fixed repo rates at four percent for a long time have increased to 4.40 percent. It is worth noting that this increase in repo rates has come as a big blow to the customers taking loans. In fact, after increasing the rates, now home, auto, and parcel loans will become expensive and the EMI burden will increase.
Significantly, in April, inflation exceeded the Reserve Bank of India's forecast. Let us inform here that the quick effect of RBI's decision to increase policy rates has been seen on the stock markets and the stock market, which is already trading with a decline, has fallen by filling it. The BSE broke 1000 points and reached below 56 thousand. At present, has slipped 1070 points to the level of 55,864.
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