Will Your Loan EMI Go Up From September? How Experts See RBI's BIG Meeting This Week? - News18
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RBI MPC Meeting August 2023: The RBI Governor-headed six-member Monetary Policy Committee’s (MPC) meeting is scheduled on August 8-10. The policy decision will be announced on August 10 by Governor Shaktikanta Das. The borrowing cost, which started rising in May last year, has stabilised with the RBI keeping the repo rate unchanged at 6.5 per cent since February when it was raised from 6.25 per cent. Later, in the two bi-monthly policy reviews in April and June, the benchmark rate was retained. Also Read: Interest More Than Principal Amount! Home Loan EMIs Jump 20% In 2 Years, Says Report The repo rate is the rate at which the RBI lends money to commercial banks. When the RBI repo rate increases, it becomes more expensive for banks to borrow money, and they typically pass this cost on to borrowers in the form of higher interest rates on loans. This, in turn, can lead to higher EMIs (equated monthly instalments) on loans. The Reserve Bank is likely to continue with the pau...