RBI Policy – Value of Gold Loans Increased, Common Man Will Benefit

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New Delhi : The six-member Monetary Policy Committee, headed by the Reserve Bank of India Governor Shaktikant Das, has given the verdict on interest rates. There was no change in interest rates. However, speaking of this year, the Reserve Bank has cut interest rates by 1.15 percent in 2 times in view of the lockdown. At the same time, the RBI has increased the value of debt on gold jewelry, giving great relief to the common man. Now up to 90 percent of the loan will be available. So far, only 75% of the total value of gold is loaned. The bank or non-banking finance company in which you apply for a gold loan, first checks the quality of your gold. The loan amount is decided according to the quality of the gold. Banks usually give loans up to 75%of the value of gold.

RBI has not made any change in interest rates. Repo rate remains at 4%. The MPC has unanimously decided this. The reverse repo rate remains at 3.35 per cent. MSF, Bank Rate remains at 4.25%.

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