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New Delhi. According to the big news coming from the financial sector, RBI Governor Shaktikanta Das has kept the repo rate unchanged at 6.5% in the Monetary Policy Meeting of Reserve Bank of India (RBI) today. Yes, for the time being this repo rate will remain at 6.50% only. In such a situation, it is expected that loans from banks will not be expensive.
In the meeting today, RBI Governor Shaktikanta Das said that the financial crisis has become an issue due to failure of banks in America. At the same time, we have kept the policy rate unchanged to maintain the ongoing revival in the economy, but if needed, we will take steps according to the situation. However, our banking and non-banking financial system remains strong.
Real GDP growth for 2023-24 is projected at 6.5%: RBI Governor Shaktikanta Das pic.twitter.com/oeWEnlaG3W
— ANI (@ANI) April 6, 2023
Repo rate increased 6 times in the last financial year
Significantly, the first meeting of the last financial year 2022-23 was held in April-2022. Then RBI had kept the repo rate stable at 4%, but then RBI called an emergency meeting on 2nd and 3rd May and increased the repo rate by 0.40% to 4.40%.
Actually, after 22 May 2020, this change in the repo rate took place. After this, in the meeting held on 6 to 8 June, the repo rate was increased by 0.50%. This increased the repo rate from 4.40% to 4.90%. Then in August it was further increased by 0.50%, due to which it reached 5.40%.
Whereas in September last year the interest rates were 5.90%, then in December the interest rates reached 6.25%. After this, the last monetary policy meeting for the financial year 2022-23 was held in February, in which interest rates were increased from 6.25% to 6.50%.
What is ‘repo-rate’
Please inform that, Repo rate is the rate at which loan is given by RBI to all the banks. Banks later give loans to their customers from this loan. Now if the repo rate is low, then many types of loans available from the bank will become cheaper.
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