Repo Rate to reduce soon! general public to get relief from EMIs

The business community has expressed optimism that the Reserve Bank of India’s (RBI) decision to maintain the policy rate at the second bimonthly monetary review meeting of the current fiscal year will open the door for additional rate reductions. In spite of softer inflation, the RBI held the repo rate at 6.5 percent in its monetary review on Thursday.

There was a gain of 2.5%.

Having increased the policy rate by 2.5 percent six times in a row beginning in May 2022, the central bank stopped doing so in April 2022. Saket Dalmiya, president of the Ph.D. The Chamber of Commerce and Industry, claims that this halt will encourage growth. “We expect continued support from the government and the RBI in sustaining economic growth and easing inflationary pressures.”

The President of FICCI provided information.

FICCI President Subhrakant Panda stated that it was already anticipated that the policy rates will remain the same. The RBI promotes growth while continuously monitoring inflation by not adjusting interest rates.

Make the banking system operationally sound.

While the Monetary Policy Committee (MPC) is focused on containing inflation, Deepak Sood, secretary general of another industry organization Assocham, stated that “we are confident that the RBI will ensure that there is adequate liquidity in the banking system.” continue to be healthy, as does loan growth.

Release of Prepaid Rupay Forex Card

Other actions done by ASSOCHAM include permitting the issuing of Prepaid Rupay Forex Cards for overseas travelers, streamlining FEMA regulations for Authorised Persons in the foreign exchange market, and streamlining the India bill payment system. Appreciated it as well. According to Dhruv Agarwal, CEO of Housing.com Group, the real estate industry will benefit greatly from the decision to maintain policy rates as-is. The decision by the RBI may not have a significant immediate impact, but it will restore stability to the real estate market, according to HBits founder Shiv Parekh.

Read More: RBI has a new proposal for the Digital Rupee! allowing for UPI payments

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