Home, car loan EMIs set to rise again as RBI hikes interest rate by 25 BPS to 6.5%
Business | February 08, 2023 12:17 ISTHome, car loan EMIs set to rise again as RBI hiked interest rate by 25 BPS to 6.5%
Home, car loan EMIs set to rise again as RBI hiked interest rate by 25 BPS to 6.5%
Since May last year, the Reserve Bank has increased the short-term lending rate by 225 basis points to contain inflation, mostly driven by external factors, especially global supply chain disruption following the Russia-Ukraine war outbreak.
The RBI on Wednesday hikes the key repo rate by 35 basis points. The rise in repo rate is the fifth straight increase since May.
RBI's decision to hike the repo rate sets the stage clear for banks, housing finance companies and other lenders to hike the interest rate on all kinds of loans including home and auto.
RBI's decision to raise the interest rate is aimed at doubling down the fight to contain inflation that has surged in the last couple of months.
RBI had in May hiked the repo rate by 40 basis points (bps) to 4.40 per cent amidst rising inflation concerns. This was the first hike after August 2018.
RBI Governor Shaktikanta Das said that there will be some hike but how much I will not be able to tell now... to say that 5.15 (per cent) may not be very accurate.
The Reserve Bank of India in a surprise move on Wednesday (May 4) announced to hike the repo rate by 40 basis points to 4.40 per cent, the first hike since August 2018.
RBI decided to leave the benchmark interest rate unchanged at 4 per cent, but maintained an accommodative stance as the economy faces the brunt of the second COVID wave
The Reserve Bank of India (RBI) on Friday left interest rates unchanged at 4 per cent. This is the fourth time in a row when the RBI has left the rate unchanged.
State-owned Bank of Maharashtra has reduced its repo linked lending rate (RLLR) by 15 basis points to 6.90 per cent. The lender's retail and MSME loans are linked to RLLR. The new rates are effective from November 7.
RBI has announced term repo operations totalling Rs 1 lakh crore in mid-September to ease pressure on the liquidity and maintain congenial financial conditions with a view to ensuring sustainable recovery of economic growth.
Reserve Bank of India (RBI) on August 06 announced that repo rate and reverse repo rate will remain unchanged.
Finance Minister Nirmala Sitharaman on Friday said the government is monitoring progress of various relief measures, especially the transmission of repo rate cuts to corporates and consumers to stimulate the economy, hit by COVID-19 crisis.
Reserve Bank of India's announcement to cut repo rates and extend moratorium is 'progressive' and focuses more on developmental and regulatory policy measures, the Southern India Chamber of Commerce and Industry said on Friday.
The Reserve Bank of India (RBI) has cut the reverse repo rate by 25 bps to 3.75% while there is no change in the repo rate, announced Governor Shaktikanta Das in a video conference on Friday.
The Reserve Bank of India (RBI) on Friday allowed all the banks to hold EMIs for a period of 3 months. The development has come as the government's relief measures amid coronavirus lockdown in the country which has affected business and may lead to economic slowdown both national and globally.
Reserve Bank of India (RBI) governor Shaktikanta Das is holding a press conference as market mayhem continues due to concerns coronavirus (Covid-19) pandemic. RBI Governor Press Conference LIVE: Shaktikanta Das speaks on Yes Bank:
Economists and financial experts have welcomed RBI's widely expected status quo on repo rate, and other announcements to spur economic growth and ensure money supplies effectively. The RBI on Thursday kept the key policy rate unchanged at 5.15 per cent.
Reserve Bank of India (RBI) announced that repo rate remained unchanged at 5.15% and maintained accommodative stance.
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