RBI shock to crores of people waiting for EMI to decrease! Loan will not be cheap, know why this big decision was taken

Just before the festive season begins, today the eyes of the entire country were fixed at the same place – on the Monitory Policy Committee (MPC) meeting of the Reserve Bank of India (RBI). From home loans to car loans, crores of people buried under their EMI burden were expecting that perhaps RBI would give a ‘Diwali gift’ and cut interest rates.

However, RBI has dashed these expectations.

RBI Governor Shaktikanta Das today announced that no change will be made in the interest rates, ie repo rate. This 6.5% But it is kept stable. This is the fourth consecutive time RBI does not even touch the interest rates.

So why did RBI not give you ‘good news’?

A major concern of RBI and a strong strategy is hidden behind this decision. There were two ways in front of RBI:

1. Reduced interest rates Giving you the joy of cheap loans, which increases the country’s economic growth.
2. Keeping interest rates stable Fighting the inflation that is still not completely under control.

RBI second, ie Difficulty of fighting inflation Has chosen

• RBI’s biggest fear – inflation: Governor Shaktikanta Das clearly said that even though the inflation rate has decreased slightly, it is still above the danger mark. Crude oil is getting expensive and the prices of food and drink can increase at any time. RBI does not want to take any such step at this time to raise inflation again.
• Growth is strong: RBI believes that the country’s economic development car is running at the right speed. At the moment, it does not need a ‘booster dose’ of cheap loans.

What will be the effect on you?

This decision simply means:

• Yours EMI of home loan, car loan and personal loan will not be reduced,
• Those who have taken a loan at the floating rate will have to bear the burden on their pockets for a few more months.
• Taking a new loan from banks will also not be cheaper.

In clear terms, RBI has preferred to keep the country’s economy stable and strong in a long period, rather than giving immediate relief to your pocket. You have to wait a few more months to reduce your EMI.