New Delhi: The Reserve Bank’s 6-member committee today announced the repo rate. For the second time in a row, there has been no change in interest rates. The Monetary Policy Committee has maintained the repo rate at 4 percent. With this announcement, the EMI of your loan will not be reduced, but apart from this, many things have been announced, which will have a direct effect on you. While the RBI has increased the facility of receiving money for 24 hours, at the same time, a big announcement has also been made to provide adequate liquidity in the system. It will be easy to take a loan with this. Know 10 important things about RBI policy… ..
- All the members of the RBI Monetary Policy Committee have unanimously decided to keep the repo rate at 4%. Along with this, the “accomodative” approach to the economy has been retained. The Governor said that RBI will support as long as needed. This means that there will be no effect on the EMI of your loan. It will go on as before. Similarly, there are chances of lower interest rates on FD or other savings schemes.
- While announcing the policy rate, RBI Governor Shaktikanta Das said that from December 2020, 24X7 RTGS service will be available. Right now its timing is from 7 am to 6 pm in the evening. Apart from this, you cannot use this service. The advantage of this will be that you will be able to transact money online for 24 hours if needed.
- RBI said that it will buy government bonds next week. The purchase of government bonds will bring liquidity to the financial system. RBI Government Shaktikanta Das said that the central bank will buy government bonds under Open Market Operations (OMO) for the first time. Apart from this, RBI also said that liquidity will be increased through the purchase of government securities. Currently, liquidity of 20 thousand crores will be added to the system. The advantage will be that banks will have enough cash, it will be easy to take loans. Given the festive season, this decision will be a relief for the common man.
- RBI Governor Shaktikanta Das said that the rural economy has improved. Record food grains have been produced in the current financial year. Its advantage will be that the rural income will increase and the record production of food grains will remain under inflation control.
- RBI says that from December quarter, there will be signs of recovery in the economy. GDP growth is expected to be positive from March ie last quarter of this financial year. The advantage will be that the economy will start getting jobs by recovery. People’s business will accelerate. People’s income will increase.
- Online commerce has gained momentum. That is, now people have started shopping again in unlock.
- Das said that now the focus is more on economic reforms than stopping Kovid. That is, the government’s focus is now on the economy.
- The outlook for Rabi crops is looking better. That is, the rural sentiments will remain better in the coming days.
- Global economic activities have increased in the third quarter. India is returning to the track of growth once again.
- Industrial activity has increased. The PMI for September is 56.9.
