look news india
Mumbai: In the meeting of the newly formed Monetary Policy Committee (MPC) of the Reserve Bank of India next week, there is a possibility that the MPC will maintain the repo rate for the tenth consecutive time. There is a prevailing belief that the MPC will not rush to cut interest rates in view of the Iran-Israel tension.
In case interest rates remain unchanged, borrowers will still have to wait for EMI relief.
After the appointment of three new members, the MPC is meeting for the first time from October 7 to 9.
A banker is of the opinion that the MPC will not rush to cut the repo rate in view of the Iran-Israel tension, which is likely to result in inflation rising again in the coming days as a result of falling crude oil prices.
After Corona, after remaining at a high level for the last two and a half years, interest rates have started decreasing in most of the countries except Japan. Earlier it was expected that RBI would also start reducing the interest rates.
Apart from the Federal Reserve, the UK, Canada and the Eurozone have already started cutting interest rates.
The Reserve Bank has kept the interest rate at 6.50 percent from February 2023. An analyst said the RBI will now adopt a wait-and-see policy after the sudden rise in crude oil prices, while the country has had a good monsoon in the current year and a good Kharif crop is expected.