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The RBI's decision to uphold the repo rate at 6.5% since February of this year will continue to provide relief for homebuyers dependent on EMIs."},"type":"paragraph"},{"data":{"text":"This recent status quo marks the third consecutive pause in repo rates following a series of increases that commenced in May 2022 and extended until February. The primary mandate of the RBI has been to maintain retail inflation within the range of 2-6%. In May 2022, the same month when the RBI initiated the first repo rate increase of the current cycle, retail inflation peaked at 7.79%. The assertive repo rate hikes enabled the RBI to bring inflation below 5% for the first time in April 2023, leading to its decision to pause the interest rate hikes."},"type":"paragraph"}],"title":"RBI's Decision to Maintain Repo Rate at 6.5% to Provide Relief for Individuals with Home Loan"},{"updatedOn":"2023-06-08","article":[{"data":{"text":"The Reserve Bank of India (RBI)'s MPC in its second monthly monetary policy meeting of Financial Year 24 has decide to keep the repo rate unchanged 6.50%. The RBI effectively delivered a hawkish pause, holding the policy rate at 6.5% but leaving the door open for future rate action."},"type":"paragraph"}],"title":"Monetary Policy Committee (MPC) keeps the repo rate unchanged"},{"updatedOn":"2023-05-31","article":[{"data":{"text":"The Reserve Bank of India (RBI) is expected to keep the key interest rates unchanged at 6.50% despite the fall in the inflation rate to 4.70% in April 2023. The repo rate is recorded to remain unchanged and is also expected to remain at a rate less than 6.75% terminal rate for the rest of the year."},"type":"paragraph"}],"title":"RBI is expected to keep its key interest rates unchanged at 6.50%"},{"updatedOn":"2023-02-08","article":[{"data":{"text":"The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) announced an increase in the repo rate by 25 basis points to 6.5% on 8 February, as revealed by Governor Shaktikanta Das. The Governor stated that the global economy has improved and inflation is decreasing. He added that the MPC decided with a 4:2 vote to continue with the withdrawal of the accommodative policy. The real GDP growth for 2023-24 is estimated at 6.4%, and the Indian economy remains resilient, despite global uncertainty, Das stated. Retail inflation is predicted to reach an average of 5.6% in the fourth quarter, and the CPI inflation for 2022-23 is projected at 6.5%, according to Das. To curb inflation, primarily caused by external factors such as the Russia-Ukraine conflict, the Reserve Bank of India has increased the short-term lending rate by 250 basis points since May of last year."},"type":"paragraph"}],"title":"RBI Hikes Repo Rate to 6.5%"}],"title":"News about Repo Rate Hike"},"metaDescription":"Repo Rate - Know the Current RBI Repo Rate, which is 6.50%. Also, Check the latest Repo, MSFR, Reverse Repo & learn how repo rate affects loan.","topContent":[{"type":"header","data":{"text":"What is REPO Rate?","level":2}},{"type":"paragraph","data":{"text":"Repo rate is defined as the rate of interest at which the <a href=\"https:\/\/www.rbi.org.in\/\" rel=\"nofollow\" target=\"_blank\">Reserve Bank of India<\/a> (RBI) lends money to commercial banks.\n\n''<strong>Repo'<\/strong>' stands for Repurchase Agreement or Repurchasing Option. Banks avail loans from the central bank (the RBI) by selling eligible securities.  "}},{"type":"paragraph","data":{"text":"An agreement between the central bank and the commercial bank will be made to repurchase the securities at a price that is predetermined. This is done when banks face a shortage of funds or need to maintain liquidity in volatile market conditions."}},{"type":"paragraph","data":{"text":"The RBI uses the repo rate to control inflation rates."}}],"hungryForMore":[{"type":"image","data":{"float":"no-float","lazy":true,"link":"https:\/\/www.bankbazaar.com\/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_HLBUTTON_svg_89417&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_HLBUTTON_svg_89417\n","src":"https:\/\/static.bankbazaar.com\/images\/credit-core-asvg.svg","alt":"Check Free credit Score Now","width":230,"height":50,"title":"Check Free credit Score Now"}},{"type":"paragraph","data":{"text":"The Monetary Policy Committee (MPC) announced on 8 June 2023 that the repo rate was increased by 25 basis points. This makes the current <strong>repo rate 6.50% <\/strong> as of September 18, 2024.  (from the 6.25% that it was earlier)."}},{"type":"paragraph","data":{"text":"The <strong>reverse repo rate<\/strong> stands unchanged at 3.35%.The Bank Rate and the Marginal Standing Facility (MSF) rate has changed to 6.75%.The Standing Deposit Facility Rate is 6.25%."}},{"type":"header","data":{"text":"RBI Repo Rate ","level":2}},{"type":"table","data":{"rows":[{"cols":[{"rowspan":1,"colspan":1,"content":[{"data":{"text":"<strong>Repo Rate<\/strong>"},"type":"paragraph"}],"highlight":true},{"rowspan":1,"colspan":1,"content":[{"data":{"text":"<strong>6.50%<\/strong>"},"type":"paragraph"}]}]},{"cols":[{"rowspan":1,"colspan":1,"content":[{"data":{"text":"Bank Rate"},"type":"paragraph"}],"highlight":true},{"rowspan":1,"colspan":1,"content":[{"data":{"text":"6.75%"},"type":"paragraph"}]}]},{"cols":[{"rowspan":1,"colspan":1,"content":[{"data":{"text":"Reverse Repo 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"}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"7.25%\n "}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"-0.25%\n "}}],"colspan":1,"rowspan":1,"highlight":false}]},{"cols":[{"content":[{"type":"paragraph","data":{"text":"25 July 2006\n "}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"7.00%\n "}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"-0.50%\n "}}],"colspan":1,"rowspan":1,"highlight":false}]},{"cols":[{"content":[{"type":"paragraph","data":{"text":"24 January 2006\n "}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"6.50%\n "}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"-0.25%\n "}}],"colspan":1,"rowspan":1,"highlight":false}]},{"cols":[{"content":[{"type":"paragraph","data":{"text":"26 October 2005\n "}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"6.25%\n "}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"00.00\n "}}],"colspan":1,"rowspan":1,"highlight":false}]}]}},{"type":"image","data":{"float":"no-float","lazy":true,"link":"https:\/\/www.bankbazaar.com\/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_HLBUTTON_svg_89417&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_HLBUTTON_svg_89417\n","src":"https:\/\/static.bankbazaar.com\/images\/credit-core-asvg.svg","alt":"Check Free credit Score Now","width":230,"height":50}},{"type":"header","data":{"text":"How Does Repo Rate Work?","level":2}},{"type":"paragraph","data":{"text":"As mentioned earlier, the repo rate is used by the central bank of India to control the flow of money in the market. When the market is hit by inflation, RBI increases the repo rate."}},{"type":"paragraph","data":{"text":"An increased repo rate denotes that the banks who borrow money during this period from the central bank will have to pay higher interest. This discourages the banks from borrowing money, which in turn, reduces the supply of money in the market and helps negate inflation. Similarly, the repo rates are decreased in the case of a recession."}},{"type":"header","data":{"text":"How Does RBI Calculate Repo Rate?","level":2}},{"type":"paragraph","data":{"text":"On the basis of the economic condition, as discussed in the last paragraph, the RBI regulates the repo rate. The rates are decided by the central bank on the basis of  inflation or recession in the market of the country."}},{"type":"cta","data":{"linkText":"Calculate your Home Loan EMI","link":"\/home-loan\/emi-calculator.html"}},{"type":"header","data":{"text":"Repo Rate vs Reverse Repo Rate","level":2}},{"type":"paragraph","data":{"text":"Repo Rate vs Reverse Repo Rate is one of the most important topics that we need to understand. The difference can be listed as follows:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Repo rate is charged against funds lent by the RBI to commercial banks and other financial institutions. The reverse repo rate, on the other hand, is the rate of interest that is offered by the central bank to the commercial banks who deposit funds in the RBI treasury.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Repo rate is always higher than the reverse repo rate.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Repo rate helps to control the inflation in the market. The reverse repo rate, on the other hand, helps to control the supply of money in the market.","items":[]}]}},{"type":"header","data":{"text":"What is the Difference between the Repo rate and the MCLR rate?","level":2}},{"type":"paragraph","data":{"text":"<a href=\"\/home-loan\/mclr.html\" target=\"_blank\">Marginal Cost of funds based Lending Rate<\/a> or MCLR is a reference rate which is used internally for ascertaining the interest rate which can be levied by the banks on loans. The repo rate, on the other hand, is an interest rate which is determined by the Reserve Bank of India (RBI) and charged against the funds lent by the central bank to commercial banks and all other financial institutions."}},{"type":"image","data":{"float":"no-float","lazy":true,"link":"https:\/\/www.bankbazaar.com\/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_HLBUTTON_svg_89417&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_HLBUTTON_svg_89417\n","src":"https:\/\/static.bankbazaar.com\/images\/credit-core-asvg.svg","alt":"Check Free credit Score Now","width":230,"height":50,"title":"Check Free credit Score Now"}},{"type":"header","data":{"text":"What effect does Repo Rate has on the life of a common man?","level":3}},{"type":"paragraph","data":{"text":"The effect of repo rate on the life of common man is direct in terms of the increase in the overall interest. As discussed earlier, repo rate is the rate of interest which is charged by the RBI for funds lent to the commercial banks."}},{"type":"paragraph","data":{"text":"When the repo rate increases, the interest rate at which commercial banks borrow money from the central bank increases and the borrowing becomes costlier. In turn, the commercial banks increase their lending rates to cope with the hike in the repo rate. Thus, when common men borrow money from the commercial banks, the effective interest rate becomes higher and they end up paying higher interest amounts for the loan that they borrow."}},{"type":"header","data":{"text":"What is the relationship between Inflation and Repo Rate?","level":3}},{"type":"paragraph","data":{"text":"The repo rate is used by the central bank of India to control the supply of money in the Indian market. A higher repo rate helps in reducing the borrowing power of the commercial banks which, in turn, reduces the flow of cash in the market. This method helps to control inflation."}},{"type":"paragraph","data":{"text":"Let us take an example here. Let us assume that the country has been hit by inflation and the RBI has set the repo rate at 10%. In this case, if a commercial bank is borrowing an amount of Rs.10,000 from the central bank, the interest amount for the same will be Rs.1,000. To avoid paying this higher rate of interest, the commercial banks decide not borrow further from the RBI, which reduces the supply of cash in the market. As the flow of cash reduces in the market, the demand is not met. 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repo rate?"},{"answer":[{"data":{"text":"The interest rate that the central bank offers to commercial banks that deposit money in the RBI treasury is known as the reverse repo rate."},"type":"paragraph"}],"question":"What is reverse repo rate?"},{"answer":[{"data":{"text":"The RBI charges a repo rate on the money it lends to commercial banks and other financial institutions while the interest rate that the central bank offers to commercial banks that deposit money in the RBI is the reverse repo rate.Reverse repo rate is never greater than repo rate.Repo rates assist in reducing market inflation.On the other hand,the reverse repo rate aids in regulating the amount of money available in the market."},"type":"paragraph"}],"question":"What is the difference between repo rate and reverse repo rate?"},{"answer":[{"data":{"text":"The Marginal Cost of Funds Based Lending Rate, also known as MCLR,is a benchmark rate that banks use internally to determine the maximum interest rate they can charge borrowers."},"type":"paragraph"}],"question":"What is the Marginal Cost of Funds Based Lending Rate?"},{"answer":[{"data":{"text":"A reduction or increase in the repo rate will affect loans like personal,vehicle,home,and gold loans."},"type":"paragraph"}],"question":"What types of loans are impacted by the reduction or increase in repo rates?"},{"answer":[{"data":{"text":"Guidelines established by the Reserve Bank of India state that interest rates based on an external benchmark interest rate must be revised every 3 months."},"type":"paragraph"}],"question":"How frequently will banks alter loan interest rates that are tied to the repo rate?"}],"title":"FAQs on Current Repo Rate"},"h1Title":"Current Repo Rate 2024","bank":{"id":"999","name":"OTHER BANK","displayName":"Other"},"metaKeyword":"repo rate, repo rate today, rbi repo rate\t","updatedOn":"24 Nov 2024","hideEligForm":true}; var staticOfferFeaturesJson = []; var personalizedOffersJson = {}; var commodityJSON = {}; var 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