Repo Rate Hike: Be ready to give more interest, RBI can increase tomorrow repo rate

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Repo Rate Hike: Be ready to give more interest, RBI can increase tomorrow repo rate
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2:53 PM August 4, 2022
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RBI Repo Rate: RBI has been increasing the repo rate for the last several months. The meeting of RBI's Monetary Policy starts from August 3, which will run till 5 August i.e. tomorrow. Tomorrow the RBI will announce the repo rate. On August 5, the meeting of the Monetary Policy will end. According to experts, RBI may once again consider increasing the repo rate, because the repo rate has not yet come to pre -covid level. If this happens, the bank will also increase the interest rate. You will have to give more EMI as the interest rate increases. At present, economists are fearing that RBI will once again increase the repo rate. The Reserve Bank of India (RBI) can increase the repo rate by 0.25 to 0.50 percent on August 5. The repo rate has increased in May and June to control the increasing inflation. Currently the repo rate is 4.90 percent. Banks borrow from RBI at repo rate. In such a situation, it is obvious that if the bank takes money from RBI on expensive interest, then the common consumer will be given a loan at higher interest rate.

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announcement will be made tomorrow

RBI committee will announce the repo rate tomorrow. Apart from banks, the market is also eyeing this meeting. The common consumer has been disappointed with the previous meeting. Now it has to be seen what RBI Governor Shaktikanta Das announces tomorrow? The RBI shocked the market by increasing 0.90 percent in the May-June meeting. The first repo rate of Corona was 5.15 percent. If the RBI increases by 0.25, then the repo rate will reach pre -covid level again.

how much will the bank increase if the repo increases?

Repo rate increases RBI, so that all government and private banks like SBI (SBI), Bank of Baroda (BOB) at higher rates One has to pay interest. After this, the bank also increases the interest rate according to itself. Therefore, how much interest will increase on your loan depends on which bank you have taken the loan.

FD will also get more interest

If the repo rate increases, then you have to pay more interest. But when the repo rate increases, the bank also increases interest on FD, because banks need money which is received from account holders. Therefore, the bank gives more interest to attract depositors.

What is repo rate?

The bank goes to RBI (RBI) if the bank needs money and the rate at which RBI gives loan to banks, while repo It is called REPO RATE. That is, at present, the repo rate is 4.90 percent, then SBI or any other bank will also get a loan at the same rate.

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