Mumbai: In a move that will increase the cost of borrowings for businesses and individuals, including home and auto loans, the Reserve Bank of India has hiked its repo rate by 50 basis points from 4.9% to 5.4%.
It's the third hike in quick succession, after 40 bps in May and 50 bps in June. RBI governor Shaktikanta Das has rolled back all cuts during the pandemic and taken rates back over the pre-pandemic level. A 50-basis point, or half-a percentage point increase in the home loan rate will inflate the EMI on a 20-year Rs 1 crore home loan by Rs 3,085 from Rs 80,559 to Rs 83,644.
Repo rate is the rate at which the central bank lends money to banks and is the benchmark for nearly 40% of the loans, which will result in automatic readjustment.
While the rate hike was on the higher end of market expectations, the RBI retaining its 2022-23 projections for both GDP growth (7.2%) and inflation (6.7%) helped calm sentiment.
The sensex closed 89 points higher at 58,387 while the rupee gained 23 paise to close at 79.24 after touching an intraday high of 78.94.
Denne historien er fra August 06, 2022-utgaven av The Times of India Mumbai.
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Denne historien er fra August 06, 2022-utgaven av The Times of India Mumbai.
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