RBI changed the repo rate, know how much it will affect your pocket

New Delhi: The meeting of the Monetary Policy Committee of the Reserve Bank in August 2022 has ended. After the three-day meeting from Wednesday, Reserve Bank Governor Shaktikanta Das said that this time it has been decided to increase the repo rate by 0.50 percent. With this, the repo rate has increased by 1.40 percent in the last four months. The effect of increasing the repo rate will now be visible on the EMI from home loan to personal loan.

Inflation, which has reached a high level of many years, has forced the Reserve Bank (RBI) to increase the repo rate. After May and June, in the August meeting also, the Monetary Policy Committee of the Reserve Bank (RBI MPC August 2022 Meet) has decided to increase the policy repo rate.

The repo rate has increased by 1.40 per cent in the last four months. Earlier, in the May 2022 meeting, the central bank had increased the repo rate by 0.40 percent. Then in the MPC meeting held in June, the repo rate was increased by 0.50 percent.

Due to the increase in the repo rate, the burden of loan EMI on the people will increase. Home loan, auto loan installments will increase. If you have got a home loan at the rate of 7.50 per cent, now this rate will increase to 8 per cent.

The Reserve Bank has retained the GDP growth forecast for the country at 7.2 per cent for the financial year 2023. Governor Shaktikanta Das said that the marginal standing facility (MSF) and bank rates have been increased from 5.15 per cent to 5.65 per cent.

Reserve Bank Governor Shaktikanta Das said that worldwide inflation is at a record level. India is facing high rates of inflation. June was the sixth consecutive month when retail inflation exceeded the Reserve Bank’s upper limit.