RBI Monetary Policy June 2023: RBI's Positive Projections
Key Takeaways from RBI's June 2023 Monetary Policy
Key highlights of RBI's June 2023 Monetary Policy: check out how revised inflation target and repo rates will affect your home loan interest rates
Repo Rate unchanged at 6.50% for the second consecutive time
RBI maintains the repo rate at 6.50% for the second time, signalling stability in borrowing costs and suggesting unchanged home loan interest rates.
Projected GDP growth of 6.5% in FY24
As disposable income grows, there will be an upsurge in consumer demand for housing, leading to higher rates of home loan approval and a decrease in interest rates.
A decline in CPI inflation to 4.7%
It signifies a decrease in the overall rate of price increase for goods and services consumed by the average Indian household.
Indian Rupee falls 5 Paise to 82.57 against US Dollar
The fall will boost exports by making Indian goods more competitive in foreign markets. However, it will make imports more expensive.
The standing deposit facility is unchanged at 6.25%
The unchanged SDF rate of 6.25% means banks can still earn interest on excess funds parked with RBI at the same rate.
The RBI has maintained the MSF at 6.75%
Banks can still borrow money at these rates, indicating stable liquidity and the RBI's confidence regarding inflation.
RBI allows the Issue of RuPay Forex Cards
RBI permits banks to offer RuPay Prepaid Forex cards, linked to customers' accounts, for convenient and cost-effective foreign currency payments.
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