New Delhi: Will interest rates come down? Will people see a decrease in their EMI amounts? The curtain will rise from these vital issues on Friday.
The RBI will announce a bi-monthly loan policy on Friday when the important meeting of the Reserve Bank of India (RBI) is to take place. During this meeting, a decision can be taken in the interest of the common man.
It is believed that top RBI officials may take the decision to bring down interest rates in this meeting. This will directly affect your pocket. RBI Governor Shakti Kant Das will hold a press conference and issue a new monetary policy on Friday. The three-day review meeting of the RBI is being held from October 7 to 9.
Will EMIs be reduced?
Everyone is hopeful that the RBI will once again clear the way for reducing the debt of the common man by reducing the repo rate.
However, this is not so easy as the rise in prices of vegetables and pulses over the past few months has seen an increase in both wholesale inflation and retail inflation. In such a situation, the RBI has very little option of reducing the interest rate.
The RBI monetary policy review meeting was earlier scheduled to be held from September 29 to October 1. But it is necessary to have 6 members in the Monetary Policy Committee but 3 members were not in it. On Monday itself, the Central Government included 3 new members Ashima Goyal, Jayant R Verma and Shashank Bhide in the Monetary Policy Committee.
However, the challenge before the RBI is to bring back the derailed economy due to the coronavirus pandemic and the subsequent lockdown.
This year, the RBI has cut the repo rate by 1.15 percent, so that it can be cheaper to take loans from banks, from the common people to the industry. If the loan is cheap, it will be beneficial not only for the industry but also for those who take Homalon Karlon, it will help to increase demand. Which will act as a tonic for the economy.