Kumar Bahukhandi
New Delhi: The results of the 51st MPC meeting of the Reserve Bank of India have come. Announcing the results of the two-day monetary policy committee meeting, the governor of the central bank Shaktikanta Das said that this time too no change has been made in the policy rates (Repo Rate). That is, the EMI of your loan will neither increase nor decrease. The Reserve Bank has decided to keep the policy rate unchanged at 6.5 percent for the eighth time in a row. This is the 10th time in a row that the Reserve Bank has not made any change in the repo rate.
RBI’s MPC meeting is held every two months and six members including Reserve Bank Governor Shaktikanta Das discuss other issues and changes (Rule Changes) including inflation. Let us tell you here that the repo rate is directly connected to the customers taking bank loans. Its decrease reduces the EMI of the loan and its increase increases it. Actually, Repo Rate is the rate at which the central bank of a country lends money to commercial banks in case of any shortage of money. Repo rate is used by monetary authorities to control inflation.
Currently it remains at 6.5 percent. Earlier when inflation in the country became uncontrollable and crossed 7 percent. Then to control it, RBI had continuously increased the repo rate. It was increased several times from May 2022 to February 2023 and it increased by 2.5 percent. However, since then no change was made in the repo rate by the central bank.
