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When the US Central Bank announces interest rate cut in June, will the RBI in India also provide relief to the common people? Yes, ever since the news related to the US Fed is coming out, similar questions have been arising in the minds of the common people of the country. When will they get relief from this increased EMI? The first meeting of the financial year is going to be held from Wednesday which will continue till April 5 and the RBI Governor will announce the monetary policy. After that, RBI MPC meeting will be held before the Fed meeting in June. This means that there is no possibility of any kind of relief from RBI even in June. Now the answer to this question has been given by the country's largest lender State Bank of India in its report. Let us also tell you what SBI has said in its report.

Changes taking place in American markets

According to the SBI report, structural changes are being seen in the American markets. There is a continuous decline in unemployment. Whereas an increase in jobs is also being seen. While talking about the inflation front in its report, SBI said that due to the increase in the prices of food items, there is a continuous increase in inflation. It is very important to control this. In the SBI report, it is expected that in the new financial year, both the deposit and credit amounts may see an increase of 14.5-15 percent and 16.0-16.5 percent.

3 meetings of RBI in 6 months

Now the biggest question is that when will RBI reduce the loan EMI of the people of the country? SBI has said in its report that the Reserve Bank of India can cut interest rates in the third quarter of the current financial year. The special thing is that the Fed can announce a cut in interest rates in the month of June. After that, Fed meeting is to be held in the month of July also. But there seems to be little chance of its reduction. Then there will be a meeting of RBI MPC in the first week of August. There is no possibility of getting any relief. This means that there will be 3 policy meetings of RBI in the first half of the financial year. If we believe the SBI report, there is no possibility of common people getting any relief from the increased EMI.

There will be two meetings in the third quarter

SBI has estimated that a cut in interest rates may be announced in the third quarter. The biggest question is when in the third quarter? RBI will hold its meeting in the first week of October in this quarter. After that there will be a policy meeting in the first week of December. If experts are to be believed, RBI will reduce interest rates in the October policy meeting. After that, the policy rates may reduce in the fourth quarter i.e. the month of February. This means that in the current financial year, RBI is likely to make only two cuts of 0.25 per cent i.e. a total reduction of 0.50 per cent in the policy rate. Whereas the US Fed can announce 3 cuts i.e. 0.75 percent in the current year.

The meeting will start from Wednesday

Common people have high expectations from the first RBI MPC of the financial year or rather the MPC before the Lok Sabha elections. This meeting will be held from 3rd to 5th April and the RBI Governor will announce the policy rate. However, from April 2023 to February 2024, RBI has kept the interest rates frozen in 6 consecutive meetings. The last change in policy rate was seen in February 2023. Then RBI had increased the interest rates by 0.25 percent. From May 2022 to February 2023, RBI had increased interest rates by 2.50 percent. After which the repo rate increased from 4 percent to 6.50 percent.