RBI did not reduce the repo rate, again disappointed the public’s expectations
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Reserve Bank of India Governor Shaktikanta Das has announced the first monetary policy for the year 2024. There has been no change in the repo rate unanimously after the first review meeting of this year in February. It has been kept at the rate of 6.5 percent only. This is the sixth consecutive time that the Reserve Bank has not made any change in the repo rate. RBI has kept the Marginal Standing Facility i.e. MSF and Bank Rate at 6.75 percent. RBI has not changed the repo rate only as per the decisions of monetary policy review.
There will be no relief in loan EMI
Shaktikanta Das has made an announcement regarding credit policy after the monetary policy review meeting. According to Das, now there will be no relief in loan EMI. This decision was taken in the monetary policy meeting which started on February 6 and concluded on February 8. After this meeting, at present the general public does not seem to be getting any relief from EMI. The stance of ‘Withdrawal of Accommodation’ has been maintained in the Monetary Policy Committee meeting. During his address after this meeting, Reserve Bank of India Governor Shaktikanta Das said that there has been improvement in rural demand and improvement in the manufacturing sector on the industry front.
Also, the growth rate for the next financial year 2024-25 has been estimated at seven percent. RBI has estimated retail inflation to be at 5.4 percent in the financial year. Giving information about the decision taken in the three-day meeting of the Monetary Policy Committee (MPC) that began on Tuesday, RBI Governor Shaktikanta Das said, “After considering the circumstances, the MPC has decided to maintain the repo rate at 6.5 percent.” Did.”
With this, the MPC has also decided to stick to its stance of withdrawing the liberal stance. Das said, “Despite global challenges, the country’s economy remains strong. On one hand economic growth is increasing, while on the other hand inflation is decreasing. Our fundamentals are strong.” Earlier, the repo rate was increased by 2.50 percent a total of six times mainly to control inflation.
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