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repo rate news marathi, liquidity 6.7 percent! RBI forecasts 0.50 percent hike in repo rate for current financial year – nris can pay utility bills using bharat bill payment system: rbi MIGMG News


The Reserve Bank of India predicted on Friday that inflation will remain at 6.7 percent in the current financial year as the Indian economy is going through geopolitical shocks. The second bi-monthly review of fiscal policy for the current financial year was presented on Friday. Reserve Bank Governor Shaktikanta Das predicted this while speaking on behalf of the Policy Committee.

m. Ta. Special Representative, Mumbai

The Reserve Bank on Friday announced the bi-monthly review of the credit policy for the current financial year. In this, the repo rate has been increased by 0.50 percent. Due to this, the funds from the Reserve Bank will be available to the banks at 5.40 percent. This will have a direct effect on the credit supply of the banks and the loans of the banks will become expensive. Home, vehicle and other personal loan installments will have to be paid more in the future.

Although the RBI hiked the repo rate to bring it in line with the pre-coronavirus repo rate, the rate hiked on Friday is actually 0.25 percent higher than the pre-coronavirus repo rate. In doing so, the Reserve Bank has maintained its earlier forecasts of inflation and economic growth. The global recession-like situation, geopolitical unrest, disrupted supply chain and rising commodity prices have all been reviewed by the Reserve Bank in the monetary policy review. Since May, the RBI has increased the repo rate by a total of 1.40 percent to rein in loose money in the market to control inflation. In this regard, Reserve Bank Governor Shaktikanta Das said, ‘Reserve Bank had taken a comprehensive stance while presenting the credit policy review by considering all aspects of the two waves of corona infection, the Russia-Ukraine war, the impact on imports and exports. But slowly now this stance has changed and tough decisions have been taken to bring the economy back on track. A consistent increase in the repo rate is a part of it.’

Reviewing the decline in the rupee, Das said, ‘The fall in the rupee is due to the strengthening of the US dollar. However, it is wrong to attribute this decline to the deterioration of the macroeconomic value of the Indian economy. The value of the Indian economy is immeasurable. He also indicated that the Reserve Bank will continue to intervene from time to time to control the depreciation of the rupee.

…that will be the result

Loans are expensive: Banks have to pay more interest when borrowing money from the Reserve Bank. Therefore, the bank will give this money to the interested borrowers under the credit facility at a high interest rate. This will make personal loans, home loans, car loans expensive. Due to this, the new borrowers will have to pay higher monthly installments.

Deposit rates higher : On the flip side, banks will pay higher interest on their fixed deposits. Banks will provide money by attracting fixed deposits, so that they can easily provide credit.

Bharat Bill Payment for ‘NRIs’ too

Non-Resident Indians (NRIs) can now use Bharat Bill Payment System (BBPS). Non-Resident Indians (NRIs) will soon be able to use the Bharat Bill Payment System to pay the bills of their dependents in India directly from abroad on behalf of these dependents, the Reserve Bank of India announced on Friday. The Reserve Bank will publish the necessary instructions in this regard soon.


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