RBI gave good news after a long time, crores of bank customers jumped with joy

RBI MPC: The Reserve Bank of India (RBI) has given relief to the people on the continuously increasing interest rate for some time. RBI did not make any change in the repo rate in the first bi-monthly monetary policy review (MPC) of the current financial year. The repo rate from the RBI has been retained at 6.5 percent only. Presenting the bi-monthly monetary policy review, RBI Governor Shaktikanta Das said that the financial crisis remains an issue due to bank failures in the US. The results of the three-day meeting of the Monetary Policy Committee (MPC) came today.

Kept the repo rate at the previous level

RBI Governor Shaktikanta Das said that the Monetary Policy Committee has unanimously decided to keep the repo rate unchanged at 6.5 percent. To continue the growth of the economy, the repo rate has been retained at the previous level. He said, if needed, we will take steps according to the situation. The RBI governor said that the banking and NBFC financial system remains strong.

Economic growth rate estimated to reach 7 percent

The economic growth rate in 2022-23 has been estimated by RBI to be 7 percent. The RBI governor said that the inflation rate still remains high. Due to not increasing the inflation rate, the process of increasing the interest rate which started from May 2022 has stopped. Let us tell you that from May 2022, the central bank has increased the repo rate by 2.5 percent. During this, the repo rate has increased from 4 percent to 6.5 percent. Currently it is running at the highest level of four years.

Inflation remains at a high level

Before the announcement of the MPC, a senior official had told Zee News that the central bank should wait till the inflation reaches below 6 percent. Let us tell you that inflation still remains at a high level, which may affect the lower income group in the coming times. Let us tell you that the retail inflation rate came down marginally to 6.44 percent in February. Earlier it was at 6.52 percent in January.

Who got the most relief?

Customers taking loans from different banks will get the maximum benefit of maintaining the repo rate at the previous level. At present, there is no hope of increasing the interest rate from banks on any kind of loan. If the repo rate was increased by the RBI, then it was sure to have an impact on the interest rate of the banks. Due to which the installment of the customers repaying the home loan would have increased.

stock market recovery

Earlier, the rupee depreciated 5 paise to open at 81.95 against the US dollar in early trade at the interbank foreign exchange market. The rupee had gained 42 paise to close at 81.90 against the US dollar on Wednesday. On the other hand, before the results of the MPC, the stock market opened with a decline due to the possibility of increasing the interest rate. Initially, the 30-share BSE Sensex opened at 59,524.15 points, down 165.16 points. Similarly, the Nifty opened at 17,511.55 points with a loss of 45.5 points. After the announcement of the MPC, the stock market heaved a sigh of relief and a series of recovery was seen in it.

What is repo rate?

The rate at which loans are given to banks by RBI is called repo rate. Increasing the repo rate means that banks will get loans from RBI at an expensive rate. This will increase the interest rate of home loan, car loan and personal loan etc., which will have a direct impact on your EMI.