Governor of the RBI Shaktikanta Das has begun his news conference. There has been a 0.25 percent increase in the repo rate by the RBI. The repo rate has gone up to 6.50% from 6.25%.
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This is the sixth time the central bank has raised the repo rate. Following that, Shaktikanta Das made these comments in a media interview to provide information on the meeting and the decisions made at that time.
EMI of home loans will increase
The central bank’s decision will result in an increase in the house loan‘s EMI. The EMI for a home loan, a car loan, and a personal loan will all be more expensive as a result of the hike in the repo rate. Inform them that the repo was 4% in May 2022 and is currently 6.5%.
RBI governor said
The RBI governor stated that with major nations’ growth prospects improving and inflation levels declining, the prognosis for the world economy is not as bleak as it was a few months ago. However, major economies continue to experience inflation that is beyond the target. According to the governor of the RBI, the annual inflation rate may stay at 5.6% in the final three months of the fiscal year. In the first quarter of FY24, the RBI governor expects the consumer price index to rise by 5%.