RBI Repo Rate: RBI's gift before the festival, loan installment will not increase, repo rate stable at 6.50

Posted on 6th Oct 2023 10:23 am by rohit kumar

A monetary policy review meeting is held every two months by the country's central bank RBI. This meeting lasts for three days. This meeting is presided over by the RBI Governor. The monetary policy review meeting of RBI started on October 4. The decision of this meeting has been given by the RBI Governor today. Everyone's eyes are on these decisions during the festive season. In this meeting, decisions are taken keeping in mind the economic condition of the country and inflation.

 

RBI Governor Shaktikanta Das announced that this time also it has been decided in the meeting that there will be no change in the repo rate. This means that the repo rate will remain at 6.5 percent. Let us tell you that many experts had expressed hope that due to inflation and other global factors, a decision could be taken to keep the repo rate stable.

 

What is the repo rate?

 

If we understand the repo rate in simple language, it is the rate of loan given by the Central Bank to the rest of the banks of the country. Banks also provide loan facilities to customers at this rate. If the central bank decides to reduce the repo rate, it means that the bank gives home loans, vehicles, and other loans to customers at lower interest rates.

 

what is mpc

 

Under the RBI Act 1934, the RBI is responsible for conducting monetary policy to control growth and inflation. MPC helps in the development of the country and controlling inflation. There are 6 members in the MPC meeting. This meeting is chaired by the Governor of RBI.

 

Also Read: PM Narendra Modi: Today PM Modi will be on a tour of Madhya Pradesh and Rajasthan, and will inaugurate the IIT Jodhpur campus

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