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RBI HIKES RATE TO CONTAIN INFLATION; EMI SET TO SOAR

The Reserve Bank of India’s (RBI) monetary policy committee on Wednesday decided to hike the repo rate by 25 basis points to 6.5 percent. This is the second consecutive time the committee has raised the repo rate in an effort to contain early warning signs of inflation. The RBI also adjusted its inflation projections for the second half of 2018-19 to 4.8 percent from the 4.7 percent it had predicted in its June meeting. RBI Governor Upen Patel said consumer inflation had been above four percent for some time and the RBI wanted to maintain the inflation target of four percent on a durable basis, explaining its decision to increase the repo rate. For those who have taken loans from banks, the RBI’s latest development has come as bad news. The move will lead to an increase in the interest customers pay on the home loan, car loan, and personal loan. read more post… Thursday, 02 August 2018 | PNS | New Delhi–

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