The three-day meeting of the Monetary Policy Committee headed by the Governor of the Reserve Bank of India will begin on August 4. The results of the meeting will be announced on 6 August.
The Reserve Bank of India (RBI) is not expected to change the interest rates in its meeting next week. In a report, it has been speculated that in the meeting of the Monetary Policy Committee (MPC), a decision may be taken to keep the interest rates stable.
The three-day meeting of the Monetary Policy Committee headed by the Governor of the Reserve Bank of India will begin on August 4.
The results of the meeting will be announced on 6 August. People hoping for a cut in interest rates, common people may have to wait this time. Hence there will be no change in EMI.
In SBI Research's report-ecorep, it has been said that we believe that the Reserve Bank will not cut rates in August. In the MPC meeting, there will be a discussion on what other non-traditional measures can be taken to ensure financial stability in the current situation.
The report says that since February, the repo rate has been cut by 1.15 percent. Banks have given a benefit of 0.72 percent reduction on new loans to customers. Some big banks have even transferred profits of up to 0.85 percent.
The report says that this is because the Reserve Bank went ahead and used liquidity as a medium to achieve policy objectives. The report says that during lockdown people have given priority to keeping financial assets.
This has encouraged financial savings in the country. The report says that we estimate that financial savings will increase in 2020-21. One reason for this is also to save people under precautionary measures.