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HomeNewsRBI monetary policy: Repo rate hiked, now above pre-Covid levels

RBI monetary policy: Repo rate hiked, now above pre-Covid levels

The monetary policy committee of Reserve Bank of India (RBI) today decided to increase repo rate, the main lending rates to banks, by 50 basis points to 5.4% with immediate effect. To curb inflationary pressures, the Reserve Bank of India has so far raised the repo rate by 140 basis points since embarking on a tightening cycle at an unscheduled policy meeting in May this year. 

The repo rate before the pandemic came was 5.15%. 

Analysts had expected the central bank to increase its key interest rate from anywhere between 25 basis points and 50 basis points. 

The retail inflation in India has remained above 7% for the last three months but has eased from eight-year high of 7.79%, hit in April.

The Indian economy has been impacted by global economic situation, RBI Governor Shaktikanta Das said. 



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