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High EMIs on loans to remain
High interest rates on automobile and house loans will continue as the Reserve Bank of India (RBI) on Tuesday decided to keep key interest rates unchanged in its fifth bi-monthly policy review of the current fiscal.
Mumbai: High interest rates on automobile and house loans will continue as the Reserve Bank of India (RBI) on Tuesday decided to keep key interest rates unchanged in its fifth bi-monthly policy review of the current fiscal.
RBI Governor Raghuram Rajan said that a change in the monetary policy at the current juncture will be premature and that he will wait for the decrease in inflation to continue.
RBI had kept a target for bring down inflation by six percent in 2015. Current data has shown that the country's annual retail inflation eased to a record low of 5.52 percent in October. The wholesale inflation has also dipped. It was down to 1.77 percent from 2.38 percent.
At the same time, factory output, measured by the Index of Industrial Production (IIP), grew by just 2.5 percent during September pointing towards the persistent weakness in spurring manufacturing activity. "The policy is led by the data we are receiving and we need to be relatively sure that there is a moderation in inflation. We don't want any flip-flop in the future. Inflation is not a one way street," Rajan said.
