RBI MPC Meeting: After the tax exemption in Budget 2024, now the middle class can get another good news! After the relief in income tax, now the hopes have increased that the RBI Monetary Policy Committee (MPC) can cut interest rates. If this happens, then the EMI of home, car and personal loans is likely to come down.
RBI: Will there be a big gift on February 7?
Meeting of the Monetary Policy Committee of RBI will run from 5 to 7 February, and important decisions will be announced on the last day i.e. 7 February. Experts believe that this time a cut of 25 basis points in the repo rate is possible, which can make the loan cheaper and provide relief to the middle class.
RBI Repo rate is stable at 6.5% so far
RBI has kept the repo rate stable at 6.5% since February 2023. There has been no change in the 11 meetings of the monetary policy in the last one year, but now when there are signs of softening of inflation rate and economic stability, the possibility of reduction in interest rates has increased.
How will EMI be reduced?
Repo rate is the rate at which RBI gives loans to banks. If the repo rate decreases, then banks also start giving cheap loans to customers, which reduces the EMI of home loans, car loans and other loans.
Public holiday 5 February: Schools-colleges and government-private offices will remain closed