A big announcement has been made by the Reserve Bank of India and especially by the Governor Sanjay Malhotra. Let us tell you that a big announcement has been made regarding the cut in the repo rate. Let us tell you that this will be of great benefit to those taking home loans. Apart from this, the key loan rate or repo has been cut by 50 basis points to 5.5% now because inflation has softened within its comfort level due to which this new rule and new policy has been made.
If the news is to be believed, this decision has been taken unanimously in the monthly Monetary Policy Committee (MPC) meeting and this meeting was held from 4th to 6th June and it was chaired by RBI Governor Sanjay Malhotra and during this a big decision has been taken. There is also news of relief for all loan takers. Apart from this, there is relief for borrowers.
It is a matter of relief for the borrowers as they can get their EMIs. This will be especially beneficial for home buyers. Governor Sanjay Malhotra has said that the business estimates have been revised downwards which can also contribute to a huge reduction in the repo rate in the business sector. The economy is progressing well, due to which it is very important to make important changes.
If the news is to be believed, the retail interest rate will be 3.7% whereas it was estimated to be 4% in April. If we look at the government data for the second time, it fell from 3.34% in March to 3.16% in April, which can be very beneficial in such a situation, as per the RBI’s decision, a big decision can be taken to improve the economic situation, especially for the loan borrowers.
If we look at the current financial year, the growth in Gross Domestic Product (GDP) has been kept at 6.5%. The quarterly estimate is 3.9% between July-September and 4.4% till October-September. Apart from this, if we talk about April-June, it has been around 3.4%.
