RBI gave a blow to the common man, all types of loans including home-auto became expensive, EMI burden increased

Repo rate increased by 0.40 percent.

With the increase in policy rates, all types of loans including home loans, auto loans will become expensive. The burden of EMI on the common man will increase.

reserve Bank of India ,Reserve Bank of India) Governor Shaktikanta Das (Shaktikanta Das) Wednesday i.e. 4th May 2022 Repo Rate (Repo Rate) has announced 40 basis points. After this hike, the repo rate increased to 4.40 percent. The hike in repo rate has come into effect with immediate effect. With the increase in policy rates, all types of loans including home loans, auto loans will become expensive. The burden of EMI on the common man will increase. RBI has held an unscheduled meeting from May 2 to May 4. In this meeting, the MPC unanimously voted in favor of increasing the rates. RBI has increased the CRR by 0.50 percent.

RBI has increased the cash reserve ratio and CRR by 0.50 percent. Cash reserve ratio increased by 0.5 per cent to 4.50 per cent. Das said, liquidity will come back by increasing the CRR to Rs 87,000 crore.

Effect of hike in repo rate on your pocket

An increase in the repo rate will increase the EMI of the loan. Just as we take loans from banks for our needs, in the same way, banks also take loans from the Reserve Bank for their needs. The rate at which the Reserve Bank gives loans to banks is called Repo Rate. If the Reserve Bank increases the repo rate, then the loans you get by the bank like home loan, car loan, personal loan also become expensive.

Updating news…

Source link

Leave your vote

Related Articles

Back to top button

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.