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RBI: No change in repo rate, common people will have to wait for cheaper EMI

The Monetary Policy Committee meeting of the Reserve Bank of India (RBI), which began on April 5, has ended today. The central bank governor, Shaktikanta Das, is announcing the decisions taken by the committee after holding the press conference. The country’s economy has been affected by the Corona virus epidemic.

In such a situation, the announcements made by the central bank are important. This is the first MPC meeting for FY 2021-22. It may be noted that the Reserve Bank had last revised the policy rates on 22 May 2020.

Main things:

  • RBI has not made any change in the repo rate. It remains at four per cent. The MPC has unanimously taken this decision.
  • That is, customers have not got new relief on EMI or loan interest rates.
  • The Marginal Standing Facility (MSF) rate is also at 4.25 per cent.
  • Das further said that the reverse repo rate has also been kept constant at 3.35 per cent.
  • With this, it has been decided not to change the bank rate. It stands at 4.25 percent.
  • Along with this, the central bank has kept the monetary stance ‘liberal’.
  • The Reserve Bank of India has projected a 10.5 per cent increase in the country’s GDP in the current financial year 2021-22.

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