The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Wednesday hiked the repo rate by 35 basis points (bps) to 6.25 per cent with immediate effect, RBI Governor Shaktikanta Das announced. The RBI policy rate is now at its highest level since August 2018. This is the fifth rate hike by the central bank in this financial year. Prior to this, the RBI had raised the repo rate – by 40 bps in an off-cycle meeting in May and 50 bps in June, August and September.
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