 "A man speaks on his phone as he walks past the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai. File image/Reuters")
On Wednesday, Governor Sanjay Malhotra of the Reserve Bank of India (RBI) announced that the Monetary Policy Committee (MPC) had unanimously agreed to lower the policy rate by 25 basis points (bps), from 6.25 percent to 6 percent.
For those who pay Equated Monthly Installments (EMIs), this is good news. EMIs for current clients will drop as a result of this move, and prospective borrowers will soon find personal, vehicle, and house loans more reasonable.
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As the economy slowed earlier in February, the Reserve Bank of India’s six-member monetary policy committee (MPC) declared its first rate drop since May 2020.
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