New Delhi: Reserve Bank of India (RBI) raises repo rate. The RBI has hiked the rate by 0.50 basis points. The Reserve Bank of India (RBI) has decided to raise interest rates as part of efforts to control inflation. With this, the interest rates of the banks will go up. The current repo rate is 4.90.
Earlier, RBI Governor Shaktikanta Das had said that rates would go up this time. The Reserve Bank of India (RBI) had hiked the repo rate after the last monetary policy review.
It was up 0.40 basis points that day. Following this, all the banks had hiked their lending rates, raising them by another 50 points in June.
The RBI has also raised inflation based on the Consumer Price Index. It has increased from 5.7 percent to 6.7 percent. The growth forecast for the 2023 financial year was maintained at 7.2 percent.
