RBI can give a big blow to the borrowers today, know what will be the changes apart from increasing the EMI
New Delhi The whole world is struggling with inflation. Even many big economies like America have not been able to escape from the clutches of inflation. The US Federal Reserve on July 28 raised interest rates by 75 basis points to curb inflation amid fears of a recession. Along with this, recently the Central Bank of England has also increased interest rates by 0.50 percent. The next number in this series is from India. Today RBI can increase its interest rates by 25 to 50 basis points.
In fact, today, Friday (August 05, 2022), the decisions of the three-day meeting of the Monetary Policy Committee chaired by the RBI Governor will be announced. It is believed that the members of the MPC (Monetary Policy Committee of India) will agree to increase the repo rate from 0.35 percent to 0.50 percent. Today’s interest growth is expected to bring rates back to pre-Covid levels. The RBI had hiked the repo rate by 0.40 per cent in May and by 0.50 per cent in June 2022 amid concerns over global inflation.
Home loans and auto loans will be expensive
Home loans, auto loans and other banking loans will become more expensive in the coming days if the repo rate is hiked today. Let us tell you that after the RBI increased the repo rate by 0.40 per cent in May 2022, many banks had increased their lending rates in a hurry. If the repo rate is increased by 0.50 basis points today, then there is a possibility of further increase in the lending rates from the banks. With whom will the people doing FD benefit?