RBI's 2-day monetary policy meeting has started today and it is expected to announce the decisions taken in this meeting on april 6. The US central bank, the Federal Reserve, raised the interest rate even as the country's regional banks went bankrupt, so the RBI will also raise its benchmark interest rate, the repo rate, by 0.25 percent. As expected, OPEC countries' decision to cut crude oil production on sunday has had a major impact on the market. Thus, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india is expected to raise the rate by 30 basis points or 0.30 percent at the end of its monetary policy meeting this time. To ensure growth, the RBI governor conducts a bi-monthly monetary policy meeting in which decisions are taken on controlling the country's financial circulation.
It is in this context that OPEC countries have announced that they will cut crude oil production by 1.16 million barrels per day, effective from next month. All three of these will necessarily increase prices and increase inflation, not only in india but also in the world. In the RBI bi-monthly monetary policy meeting held on april 3, 5, and 6, the repo rate must be increased. To control inflation in india, the Reserve bank will increase the repo rate 6 times from May 2022. raised This takes the repo rate to 6.50 percent, making the interest rate on all loans in india higher than the pre-coronavirus level.
Amidst the MPC meeting results announced on march 6, the repo rate is expected to be hiked by 0.25 to 0.30 percent, and all borrowers of home loans, personal loans, car loans, bike loans, corporate loans, startup loans, gold loans will be forced to pay additional EMIs. 
Banks are also passing on the recent RBI interest rate hikes completely on the customers' heads, if these interest rate hikes are passed on to the people, the borrowers are going to face a huge hit. The rise in crude oil prices will not only affect india but will also affect all countries that depend on foreign crude oil imports. 
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