Policy rates exceed the level before the Corona period, buying a home car will be expensive

Mumbai: With the Reserve Bank (RBI) increasing policy rates by half a percentage point today to control rising inflation, it has now crossed the level before the corona epidemic. With today’s decision of the Reserve Bank, now home, car and other types of loans will become expensive.After the three-day meeting of the
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Policy rates exceed the level before the Corona period, buying a home car will be expensive




Mumbai: With the Reserve Bank (RBI) increasing policy rates by half a percentage point today to control rising inflation, it has now crossed the level before the corona epidemic. With today’s decision of the Reserve Bank, now home, car and other types of loans will become expensive.
After the three-day meeting of the Monetary Policy Committee of the Reserve Bank, Governor Shaktikanta Das, while giving information about the decision taken in the meeting, said that global factors are increasing inflation in the country. Retail inflation has remained above the Reserve Bank’s target of 6 per cent for the sixth consecutive month in June this year. With the aim of accelerating growth and controlling inflation, policy rates have been increased by half a percentage point. He said the hike is expected to help control retail inflation and bring inflation down to the target range of 6 per cent in the medium term.
He said that after this hike, the repo rate increased from 4.90 percent to 0.50 percent to 5.40 percent, the Standing Deposit Facility Rate (SDF) increased from 4.65 percent to 0.50 percent to 5.15 percent, the Bank Rate from 5.15 percent to 5.65 percent and the Marginal Standing Facility (MSF). ) has reached 5.65 percent.
It is noteworthy that before the start of the corona epidemic, the repo rate was at 5.15 percent. Due to the demand affected by the lockdown during the pandemic, the Reserve Bank had drastically reduced policy rates and came to a record low. The Reserve Bank has increased it three times and has taken it beyond the level before the Corona period. Although the Reserve Bank is using it to control inflation, it will make loans for home, car and other items costlier.

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