RBI New Rules : The Reserve Bank of India has increased the repo rate for the fourth time in a row. This time the repo rate has been increased by 0.50 percent. This increase in the repo rate will have a direct impact on the pockets of the people. With this, taking a loan has become more expensive now. Not only this, your EMI will also be higher than before.
RBI New Rules The RBI has increased the repo rate from 5.40 percent to 5.90 percent, increasing the repo rate by 50 basis points. Governor Shaktikanta Das has made this announcement after the monetary policy meeting of RBI.
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1.90 percent Increase in Five Months
RBI has increased the repo rate for the fifth consecutive month. With this, there has been an increase of 1.90 percent in five months.
RBI New Rules : EMI will Increse
After this move of RBI, your pocket is going to be directly affected. The biggest impact will be on the loan. Under this, now from home loan to car loan and education loan will be more expensive.
With this, the EMI of those who have already taken a home loan will become more expensive than before.
Why This Step
In fact, the meeting of the Monetary Policy was going on for the last three days. It is only after this meeting that the RBI Governor has decided to increase the basis point.
In the month of August, the retail inflation rate has been 7 percent, due to which the RBI took the step of raising interest rates to curb inflation.
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Change in Credit and Debit Card
For credit card and debit card users, RBI is introducing card-on-file tokenization rules from October 1. The Reserve Bank of India says that after the change in the tokenization system, cardholders will get more facilities and security.
Tokenization system
The token system converts all debit and credit card data into ‘tokens’. By which your card information is kept hidden in the device. RBI has said that any person can convert the card into token by requesting the token bank. There is no charge to the cardholder for tokenizing the card. If you convert your card into a token, then your card information will be saved in the token on any shopping website or e-commerce website.
