RBI MPC Keeps Repo Rate Unchanged At 6.5%; Status Quo Fifth Time In A Row; This is the fifth time in a row that the central bank has paused the repo rate
As the central banker kept the REPO rate intact in its latest monetary policy committee meet, real estate sector is expected to gain further in coming months.
The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.5% for the fourth consecutive time. The RBI governor, Shaktikanta Das, stated that India is poised to be the new growth engine of the world. The RBI has maintained the repo rate at 6.5% since May 2022 to control rising prices. However, retail inflation stood at 6.83% in August, surpassing the RBI s acceptable threshold.
Gold loan borrowers can avail gold loans of up to Rs 4 lakh under bullet repayment option from certain urban co-operative banks, says RBI Governor Shaktikanta Das while announcing the decisions of the RBI Monetary Policy Committee on October 6, 2023. This move aims to make gold loans more flexible to certain borrowers who prefer bullet payment option to repay the loan. In the bullet repayment option, borrowers need to pay the entire principal and interest amount at the end of the loan tenure.