Mumbai, June 7 : The Reserve Bank of India (RBI) has kept its key policy interest rate, the repo rate, unchanged for the eighth consecutive time. The repo rate has been retained at 6.50%. As a result, there will be no change in EMIs for the time being. The RBI has projected a GDP growth rate of 7.2% for the current fiscal year 2024-25.
RBI Governor Shaktikanta Das said on Friday after the Monetary Policy Committee (MPC) review meeting here that the MPC has decided to keep the repo rate at 6.50%. In the meeting, four out of six members were in favor of keeping the policy rates stable. Das said that we are projecting a GDP growth rate of 7.2% for the current fiscal year 2024-25.
It is noteworthy that the RBI had increased the repo rate, the policy interest rate, by 0.25% to 6.5% in February 2023. This is the MPC’s second meeting in the current fiscal year 2024-25. The RBI had also not increased interest rates in the monetary review meeting held in April. As there is no change in the repo rate, loans will not become expensive and your EMI will not increase either.