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According to Fitch Ratings, by this December 2022, the RBI can increase the repo rate by 1 per cent
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Due to uncontrollable inflation and strong selling, America's central bank Federal Reserve has increased interest rates by 0.75 per cent. With this move of the Federal Reserve, where the dollar will strengthen, the rupee is expected to fall. In this episode, Fitch Ratings has expressed hope that in view of the deteriorating situation of inflation, the Reserve Bank of India may increase the repo rate by the end of this year again. In such a situation, if the repo rate increases, then all types of loans along with home loans and personal loans can become expensive.
Significantly, to control the uncontrollable inflation in the country, the Reserve Bank of India had increased the repo rate by 0.40 per cent in May and by 0.50 per cent in June. At the same time, after the increase in the interest rates of the Federal Reserve, once again there is talk of increasing the Reserve Bank repo rate. According to Fitch Ratings, by this December 2022, the RBI can increase the repo rate by 1 per cent.
Fitch Ratings said in its Global Economic Report on Monday that the Reserve Bank of India may increase interest rates by December 2022. It has been said in the report that the Reserve Bank can increase interest rates by up to 5.9 per cent. It is worth noting that at present the interest rates are 4.9 per cent.
Significantly, the country's largest bank SBI has increased the minimum interest rate on housing loans to 7.55 per cent. The new rates have come into effect from Wednesday itself. The Reserve Bank of India last week increased the key policy rate repo by 0.50 per cent to 4.90 per cent. After this many banks have increased the interest rates on loans. According to the information available on SBI's website, the bank has increased its external benchmark based lending rate (EBLR) to a minimum of 7.55 per cent.