RBI MPC Meet 2023 Highlights: Loan EMIs to go up as Repo Rate Hiked by 25 bps to 6.5%
Reserve Bank of India (RBI) governor Shaktikanta Das is going to announce Monetary Policy Committee's (MPC) decision on the repo rate hike at 10 AM today. Stay tuned to India.com for all the key announcements by RBI.
RBI MPC Meet 2023 LIVE Updates: All eyes were glued to TV screens as Reserve Bank of India (RBI) governor Shaktikanta Das announced Monetary Policy Committee’s (MPC) decision on the repo rate hike at 10 AM today. Addressing a presser, Das asserted that MPC has decided to hike the repo rate by 25 basis points to 6.5%. Das was announcing the decisions taken in the three-day meeting of the central bank’s MPC that met for three days from February 6. This is the sixth straight hike by the central bank in a row. In December 2022, the RBI MPC raised the repo rate by 35 basis points to 6.25 per cent. Stay tuned to India.com for all the key announcements by RBI.
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RBI MPC Meet 2023 LIVE Updates: Average inflation projected at 6.5 per cent for current financial year 2022-23
Retail inflation outlook for 2023-24:For overall financial year 2023-24 – 5.3 per centQ1 – 5.0 per centQ2 – 5.4 per centQ3 – 5.4 per centQ4 – 5.6 per cent -
RBI MPC Meet 2023 LIVE Updates: All in-bound travellers to India are now permitted to use UPI for merchant payments while they’re in India. To begin with, this facility this facility will be extended to travelers from G-20 countries arriving at select international airports, said Das.
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RBI MPC Meet 2023 LIVE Updates: Inflation is expected to average 5.6% in the 4th quarter of 2023-24: RBI Governor Shaktikanta Das
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RBI MPC Meet 2023 LIVE Updates: MPC has decided to maintain its ‘withdrawal of accommodation’ stance to ensure that inflation remains within the target going forward, while also supporting growth, said Das.
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RBI MPC Meet 2023 LIVE Updates: The global economic outlook doesn’t look as grim now as it did a few months ago, growth prospects in major economies have improved while inflation is on a descent though inflation still remains on well-above target in major economies, said RBI Governor.
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RBI MPC Meet 2023 LIVE Updates: Unprecedented events of the last three years have put to test monetary policy across the world. Emerging market economies are facing sharp tradeoffs between supporting economic activity and controlling inflation while preserving policy credibility, said RBI Governor Shaktikanta Das.
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RBI MPC Meet 2023 LIVE Updates: Policy repo rate increased by 25bps to 6.5% with immediate effect.
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RBI MPC Meet 2023 LIVE Updates: Ahead of RB Ipolicy outcome, experts have predicted that the central bank may mildly revise down its inflation forecast for FY24
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RBI MPC Meet 2023 LIVE Updates: What Is Repo Rate?
The repo rate is the interest rate ar which the RBI lends short term funds to banks. For the unversed, the banks will have to fix interest rates for different types of customers on the basis of the MCLR (marginal cost of funds based lending rate). Taking into consideration the repo rate and other lending rates, banks revise the MCLR on a monthly basis. -
RBI MPC Meet 2023 LIVE Updates: How Hike In Repo Rate Will Affect Loan Borrowers?
If RBI hikes the repo rate, both fixed deposits and lending rates are likely to go up. Notably, both private and public sector banks have been raising their FD rates aggressively in line with RBI’s policy outcomes since May.
Moreover, borrowers would have to pay higher EMIs as banks and housing finance companies may raise their lending rates in response, resulting in an addition in your EMIs.
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