It s widely believed that the RBI will resort to a smaller 25 basis points (bps) rate hike in the current monetary policy revision. After the last revision that happened in February this year, the repo rate has increased to 6.25 per cent. The continuous rise in the interest rates has led to higher EMIs for home loan buyers hugely impacting the housing segment. aaa
As per RBI s latest data, the weighted average lending rate (WALR) on fresh rupee loans of SCBs increased by 24 basis points (bps) from 9% in January 2023 to 9.24% in February 2023. While WALR on outstanding rupee loans of SCBs increased by 9 bps from 9.58% in January to 9.67% in February.
RBI Governor Shaktikanta Das said that the central bank will start the project to launch QR code-based coin vending machines and added that the machines will be launched to promote the distribution of coins and enhance their accessibility. aaa
In January 2023 bulletin, RBI said, lending and deposit rates of SCBs have continued to move higher since May 2022 in response to the 225 bps increase in the policy repo rate.