New Delhi: RBI hikes repo rates. RBI increased by 35 basis points. With this, the new repo rate has reached 6.25 percent.
RBI has hiked rates for the fifth time in a row. The repo rate was not raised for two years during covid. Later the interest rate was continuously raised. RBI Governor Shaktikanta Das explained that it is necessary to raise the rate to keep up with the rising inflation in the country.
With the current interest rate going above 6%, interest rates on personal loans will also go up. With this, this decision will be dark for the people who are suffering from inflation.