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The Reserve Bank of India raised its inflation projection for FY24 from 5.1 per cent to 5.4 per cent, while retaining its GDP projection at 6.5 per cent.
RBI expected to keep benchmark interest rates unchanged at 6.5% due to a rise in inflation and strong economic fundamentals
RBI maintained its repo rate at 6.50%, but with a hawkish policy stance on 'withdrawal to accommodation'. Real estate experts welcomed the decision, saying that as long as the repo rate is not increased, home loan interest rates will remain steady, providing relief for borrowers.
This has come as a slight breather for the home loan subscribers as a repo rate pause can lead to downward rate revision in the near future.
RBI Governor Shaktikanta Das announced on Thursday morning that the repo rates will remain unchanged at 6.50%.