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RBI made loans costlier by 0.50 percent, GDP growth forecast remains at 7.2 percent, know the big things

RBI Monetary Policy: Today, the Reserve Bank of India has announced the decisions of the Monetary Policy Committee meeting and has increased the repo rate by 0.50 percent. Clearly, now the EMI of your loan is going to be expensive because banks will get expensive loans from RBI, due to which they will pass on the customers. What have been the big things in the announcements of RBI’s MPC today – you know it here

Big things of RBI Monetary Policy

    • After increasing the repo rate by 0.50 percent, it has increased from 4.90 percent to 5.40 percent. In addition to the repo rate, the RBI has increased the standing deposit facility (SDF) from 4.65 per cent to 5.15 per cent. Apart from this, the Marginal Standing Facility Rate (MSF) has been increased from 5.15 per cent to 5.65 per cent. These three rates have been increased by 0.50-0.50 percent.


    • RBI has retained the inflation forecast for the financial year 2023 at 6.7 per cent. Under this, the inflation rate is estimated to be 7.1 percent in the second quarter of the financial year 2023, 6.4 percent in the third quarter, and 5.8 percent in the fourth quarter. At the same time, the inflation rate in the first quarter of the financial year 2024 is estimated to be at 5 percent.


    • The RBI has not changed the country’s economic growth forecast for the financial year 2023 and has retained it at 7.2 per cent.


    • According to RBI, the Indian economy will continue to be the fastest growing economy and in the current financial year, the Indian economy will register the fastest growth.


    • The RBI governor said that the main reason behind the fall in the Indian rupee is the continuous strengthening of the US dollar. However, the depreciation of rupee is comparatively less compared to other global currency. Due to the policies of RBI, the fall in rupee has been curbed.


    • The RBI governor said that India has the fourth largest foreign exchange reserves and in the first quarter, FDI investment of $ 13,600 million has come in the country.


    • The RBI governor said that the Indian economy is also not untouched by the changing conditions of the global economy and concerns about inflation in the country remain. The effect of the change in the country’s export and import data is expected to remain within the prescribed limit of the current account deficit.


    • The Monetary Policy Committee has decided not to increase the CRR i.e. Cash Reserve Ratio.

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