Reserve Bank Of India Increase Repo Rates Today On 8 June 2022
RBI MPC Meet Today: The Monetary Policy Meeting of the Reserve Bank of India started on 6 June. Today i.e. on June 8, RBI will announce the decisions of the meeting. Experts believe that after the results of the meeting today, the loan rates will increase further. This will have a direct impact on the general public.
loan will be expensive today
Let us tell you that once again the loan can be expensive. Earlier in May also, RBI had increased the interest in policy rates by holding a sudden meeting, after which all private and government banks also increased the loan rates.
How much can it increase?
There are indications of increase in base rates in RBI’s monetary policy review. It is expected that the Reserve Bank of India can increase the repo rates by 0.25 to 0.50 percent.
Governor has already indicated
There have already been indications from the Reserve Bank’s Governor Shaktikanta Das that the policy interest rate can be increased, but information will be available today about how much it will increase.
Rates were also increased in the last meeting
The central bank had increased the repo rate by 0.40 per cent in the meeting of the Monetary Policy Committee (MPC) held last month without a schedule. After the monetary policy meeting on May 4, the RBI suddenly increased the repo rate by 40 basis points to 4.40 percent and the cash reserve ratio by 50 basis points from 4 percent to 4.50 percent.
inflation at its peak
Retail inflation rose for the seventh consecutive month in April to an eight-year high of 7.79 per cent. The main reason for this is the rise in commodity prices, including fuel, due to the Ukraine-Russia war. Inflation based on wholesale prices has remained in double digits for 13 months and touched a record high of 15.08 per cent in April.