Reserve Bank Governor Shakti Kantha Das has said that the short-term lending rate for banks will remain at 4 per cent and the reverse repo rate at 3.35 per cent.
The bi-monthly Reserve Bank of India’s Monetary Policy Committee meeting on change in interest rates was held in Mumbai today. Speaking after the meeting, RBI Governor Shakti Kantha Das said the country’s economic growth rate for 2021-22 is projected to be 9.5 per cent and 17.2 per cent in 2022-23.
Consumption has increased due to excise duty on petrol and diesel and reduction of VAT by various states. Thus the demand is said to have increased. He also said that there was no change in the interest rates for short-term loans of banks. The repo rate will remain unchanged at 9 per cent for the ninth time and the reverse repo rate will remain unchanged at 3.35 per cent. Shakti Kantha Das also said that for the 5th time, interest rates on home and auto loans have not been changed.
Due to the announcement by the Reserve Bank, interest rates on bank loans, including home and auto loans, are likely to remain the same.
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