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NEW DELHI: The group of experts at RBI who decide about money-related matters has once more decided to keep the interest rate unchanged. This interest rate is comparable to the fee that RBI applies when it lends money to regular banks. RBI Chief Shaktikanta Das mentioned that they all came to a consensus to keep the cost of borrowing money stable during a discussion on a recent Thursday.

He also mentioned, “India’s financial situation is looking bright and strong.” Our money has kept growing at a good pace, and now we’re the world’s 5th biggest money player.”

He said, “India is in a favorable position to take advantage of significant shifts occurring in the global financial landscape.

” The head of RBI (Reserve Bank of India) mentioned that the entire world is currently grappling with significant issues such as rising costs of goods, uncertain international relationships, and extremely severe weather conditions. However, he is confident that India’s progress will continue despite these challenges potentially affecting our economic expansion. This marks the third occasion where the RBI’s financial experts have decided to maintain the existing interest rate. They’ve kept it at 6.5% since February when it went up from 6.25%.

Because they have maintained the cost of money at the same level, it’s probable that the monthly payments for loans will remain unchanged. In order to counteract the increase in prices, the RBI has raised the cost of money by a combined 2.5% since May 2022.

The government has told the RBI to make sure that the prices of things don’t go up more than 4%, with a little bit of leeway on both sides.

The group responsible for making decisions about money consists of 6 individuals: 3 from the RBI and 3 from other places. The external members are Shashanka Bhide, Ashima Goyal, and Jayanth R Varma. Heading the RBI team is Shaktikanta Das, along with Rajiv Ranjan and Michael Debabrata Patra.

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