The Reserve Bank of India (RBI) on Friday announced an increase in the policy repo rate by 50 basis points to 5.9% with immediate effect. RBI Governor Shaktikanta Das made the announcement.
While the news to hike repo rate by 40 basis points (bps) by the Reserve Bank of India (RBI) is likely to impact a variety of sectors, the automotive sector in particular is worried.
The move came just ahead of the Federal Reserve's policy decision, with analysts expecting a similar move by the US central bank as well as the focus shifts to combating runaway price rise, exacerbated by geopolitical tensions.
This is the first-rate hike since August 2018 and the first instance of the MPC making an unscheduled increase in the repo rate (the rate at which banks borrow from the RBI).
MPC has decided to keep benchmark repurchase (repo) rate at 4 per cent, Das said while announcing the bi-monthly monetary policy review.
RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.
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