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Tag: Shaktikanta Das

Amid inflation concerns, the repo rate remained stable at 6.5%, announced RBI Governor Shaktikanta Das

RBI Repo Rate: The Reserve Bank of India‘s (RBI) Monetary Policy Committee (MPC) began meeting on June 5, 2024. Governor of the Reserve Bank of India Shaktikanta Das has said that the policy interest rate will remain at 6.5 percent.

As a result, the repo rate of 6.5 percent will not change. The repo rate has not changed as of yet by the central bank. By a vote of 4 to 2, the RBI’s MPC chose to maintain the repo rate at 6.5 percent. ‘Withdrawal of accommodation’ is the strategy that the meeting has chosen this time as well.

The other rates will stay unchanged if there is no change in the repo rate. The Reserve Bank of India has maintained the current rates for reverse repo, standing deposit facility, marginal standing facility, and bank accounts at 3.35 percent, 6.25 percent, and 6.75 percent, respectively.

The RBI has not changed the repo rate in the face of growing concerns over the nation’s rising inflation rate. Since February 2023, the repo rate has been maintained at 6.5 percent by the RBI.

RBI pegs India’s 2024-25 real GDP growth at 7%

The GDP growth rate for the upcoming fiscal year 2024–25 was assessed by the Reserve Bank of India (RBI) on Thursday at 7%, a figure that is less than the 7.3 % estimate for the current fiscal year.

Governor of the RBI Shaktikanta Das stated that the investment cycle is gaining speed as a result of higher capital expenditure, rural demand is still improving, and urban consumption is still strong when announcing the bi-monthly monetary policy.

He said that improvements are also being seen in private investment. The gross domestic product (GDP) growth rate for the fiscal year 2024–2025 is projected to be 7%. In the quarters ending in June and September, the GDP will expand by 7.2 percent and 6.8 percent, respectively. On the other hand, estimates for the December and March quarters are 6.9 percent and 7%, respectively.

RBI increases repo rate by 0.25 percent, EMI of home loan will increase

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%.

RBI Governor Shaktikanta Das’s big statement on cryptocurrencies – The next financial crisis will be caused by crypto

Shaktikanta Das, governor of the Reserve Bank of India, made a significant announcement about cryptocurrencies on Wednesday. Private cryptocurrencies, according to him, may trigger a financial disaster. He has also described cryptocurrency as a form of gambling.

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Cryptocurrencies extremely dangerous for financial stability

The RBI Governor warned that cryptocurrencies are very hazardous to financial stability while speaking at the BFSI Summit. According to him, the value of cryptocurrencies is solely based on conjecture and lacks any substance.

According to the governor of the RBI, the macroeconomic and financial stability of the country may be significantly challenged.

It was anticipated that the government will present a bill to Parliament to control cryptocurrencies. However, the administration decided not to introduce this law. Recently, the administration was also questioned in Parliament about this. The administration responded by claiming that cryptocurrencies are a global problem. And limiting regulation to India will not be effective. To control it, the entire globe must act together.

The value of crypto decreased

The governor of the RBI issued a warning that cryptocurrency will trigger the upcoming financial catastrophe. He added that the whole worth of cryptocurrencies has decreased to $140 billion. He added that investors worth $40 billion had lost everything.

RBI Repo Rate Hike: Reserve Bank of India hikes repo rate by 0.50%, EMI will be more expensive

Increasing its repo rate by 50 basis points, the Reserve Bank of India (RBI) attempted to control inflation on Wednesday. The repo rate increased from 4.40 percent to 4.90 percent after this increase. On Wednesday, Shaktikanta Das spoke about the decision taken at the Monetary Policy Committee meeting.

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Repo rate hiked for the second time in a month

Earlier, the RBI surprised the market with a 40-point increase in the repo rate on May 4. During the same period, the cash reserve ratio also increased by 0.50 percent to 4.5 percent. This has been the second increase in the past month. The country’s inflation rate has consistently been above 6 percent. This step was taken by the RBI to provide relief to the general public.

What will be the effect?

RBI’s increase in the repo rate on behalf of banks will affect crores of customers. As a result of an increase in the repo rate, the loans given by banks to their customers will be more expensive. Increases in interest rates will have an effect on EMIs. As compared to earlier, the EMI of the customers will increase.

What is the Repo Rate?

In the repo market, banks borrow money from the Reserve Bank of India at a rate called the repo rate. The increase in repo rates means that banks will get loans from the RBI at higher rates. There will be an increase in the interest rate on Home Loan, Car Loan Personal Loan, etc., which will directly impact your monthly EMI.

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