Mumbai11 minutes ago
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- In this current financial year, all agencies have changed their estimates.
- This is because the states have imposed lockdown due to the second wave of Corona.
If you have taken a loan, then your interest rates will remain the same i.e. the installment. If your money is deposited in the bank then you will get the same interest. Along with this, 15 thousand crore rupees will be given to the hospitality sector. This decision has been taken by the Reserve Bank.
The Reserve Bank of India (RBI) has reduced the estimate of the growth rate of the country’s economy. It has said that the growth rate of GDP can be 9.5% between this current financial year i.e. April 2021 to March 2022. Earlier this estimate was 10.5%.
Last day of the meeting of the Monetary Committee
The Reserve Bank announced the decisions on the last day of its Monetary Policy Committee meeting today. Accordingly, he has not made any change in the rates. With this, there will be no reduction in the installment of the people who have taken the loan. However, it is a matter of relief that there will be no cut in interest rates on deposits of people whose money is deposited in the bank.
The effect of reduction in interest also affects the borrowers and depositors.
Usually, whenever the Reserve Bank cuts rates, it affects both the borrowers and those who deposit money in the bank. If the interest rate of the borrower decreases, then the interest earned on the deposit also decreases. Reserve Bank Governor Shaktikanta Das said that the slowdown in urban demand and the increasing spread of Kovid in villages are creating hurdles and risks in development. The recent fall in inflation has provided some respite, which is necessary to support the policy from all quarters and gain momentum.
Monsoon will help economic recovery
He said that normal monsoon is going to be helpful for economic recovery. There is a revival in global demand, which will strengthen India’s export sector. The Monetary Policy Committee has forecast consumer price inflation to be above 5% for the current year. On June 17, the Reserve Bank will buy government securities worth Rs 40,000 crore i.e. Government Securities. While government securities worth Rs 1.20 lakh crore will be purchased in the second quarter.
15 thousand crore rupees to the hospitality sector
The Reserve Bank has said to provide assistance of Rs 15,000 crore to the hospitality sector. Simultaneously, the Reserve Bank said that it has given a facility of Rs 16,000 crore to SIDBI so that this money can be given for refinance and lending. With this, the facility of loan to small businessmen and individual people has been increased to Rs 50 crore. Earlier it was Rs 25 crore. The Reserve Bank Governor said that India’s foreign exchange reserves can cross the $ 600 billion mark.
Banks used repo rate
Most of the banks have used the repo rate as the benchmark for their loans. With the repo rate at its lowest level in the last two decades, this low interest rate regime has been working well for borrowers. With no hike in the repo rate, new borrowers who are planning to take a home loan in the near future will get more time to process their home purchases and can avail loans at rates even lower than the current interest rates. Huh