Repo Rate: Giving big relief to crores of people of the country, the Reserve Bank of India on Friday announced a reduction of 0.25 percent in interest rates. The Reserve Bank has cut the repo rate after about 5 years. The cut of 0.25 percent (25 basis points) in the repo rate will make all the loans cheap including home loans and car loans and people will get relief in EMI. Let us tell you that in June 2023, the Reserve Bank last increased the repo rate to 6.5 percent. There was no change in the repo rate since June 2023.
6.25 percent repo rate
After June 2023, the repo rate has been changed for the first time today and now it has been reduced from 6.50 percent to 6.25 percent. Today was the last day of the meeting of the Monetary Policy Committee, which started on 5 February under the leadership of RBI Governor Sanjay Malhotra. It was decided to reduce the repo rate in this important meeting that lasted for 3 days. After the meeting was over, on Friday, Reserve Bank of India Governor Sanjay Malhotra announced a reduction of 0.25 percent in the repo rate. Let us tell you that IBI last cut interest rates in May 2020. At that time, the RBI had cut 0.40 percent (40 basis points) in the repo rate to boost the country’s economy during Kovid.
Sanjay Malhotra’s first meeting after becoming RBI Governor
This was the first MPC meeting of Sanjay Malhotra, appointed as the new Governor of the Reserve Bank of India after the resignation of Shaktikanta Das. Sanjay Malhotra is the 26th Governor of RBI. He held the position for 3 years on December 11, 2024 as the Governor of the Reserve Bank of India. Let us tell you that Shaktikanta Das took over as RBI Governor for 3 years on December 12, 2018. The government extended his tenure in 2021 for 3 years. He resigned from his post on December 10, 2024 after being the Governor of IRBI for 6 consecutive years.
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