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This is a celebration for Indian middle class. On February 1, the celebration of good news is going on to get tax free of up to 12 lakhs, that another big gift is going to be received within a week. This gift is not only a fist and pocket of the middle class but also the bag is going to be filled with cash. The EMI of the first loan found is going to be cheaper.
If you want to take home loan, car loan and personal loan ahead, then it will also be cheaper. The Reserve Bank is preparing to cut the repo rate by up to 0.25 per cent. After this, banks will have to cut the loan rate. This is to be decided in the meeting of the Reserve Bank’s Monkey Policy Committee to be held on February 7.
Cash will increase in people’s hands, demand will increase in market
The purpose of preparing the repo rate from the Reserve Bank is that if the loan will be cheaper, then EMI will be cheaper. The more cash will be saved in the hands of people. This will increase their domestic consumption and increase demand in the market, which will give the economy a chance to booster dose. According to experts, for the first time in two years the Reserve Bank is going to change the interest rates.
Currently the repo rate is stable at 6.5 percent, which has not been changed from February 2023. Earlier, rates were cut in May 2020 during the Kovid-19 epidemic. Experts believe that this time there is more chances of cuts in repo rate. Because, RBI has already taken steps to increase cash of Rs 1.5 lakh crore. This can reduce the cost of taking a loan, which will strengthen the market position. & Nbsp;
Inflation will be four percent, so it is necessary to reduce interest rate
According to experts, this year, according to retail prices, inflation rate can come down to around four percent. In such a situation, the Reserve Bank should not face any problem in reducing interest rates. Anyway, the attitude of the new Governor of the Reserve Bank Sanjay Malhotra is opposite to the previous Governor Shaktikant Das. Their policies are towards supporting the economy instead of being afraid of inflation. So he will not be afraid to reduce the repo rate.
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(tagstotranslate) RBI update
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