RBI Raises Interest Rates, Take Loan from the Bank will be Expensive

The Reserve Bank of India has announced the repo rates after consultation for three days. RBI has increased the repo rate. The monetary policy committee has increased its base rate by 25 basis points. After this increase, the repo rate increased from 6 % to 6.25 %.

This is the first time in the Modi government's four-year term when the Reserve Bank of India has raised the repo rate. With the increase in interest rates on behalf of the Reserve Bank of India, borrowing from banks for the common man can be expensive. With this, the burden of interest can be seen on the EMI.