New Delhi/Ground Bureau — The Reserve Bank of India has delivered a major blow to millions of common people and bank borrowers by hiking the repo rate by 0.25 percent in the Monetary Policy Committee meeting. This increase in interest rates has come after a long gap of three years, making home, car, and personal loans expensive across the country.
Following this decision, banks have started reviewing their lending rates, which will directly increase monthly EMIs for borrowers. On the other hand, fixed deposit investors will benefit from higher returns as banks revise their FD rates upward. Additionally, RBI has issued 14 strict new rules for banks to tackle potential bad loans proactively.
