New Delhi, 8/6:The Reserve Bank of India on Wednesday hiked benchmark lending rates by 50 basis points to control skyrocketing prices of food, fuel and other commodities, governor Shaktikanta Das announced as the Monetary Policy Committee (MPC), which started its deliberations on Monday, concluded its review.
RBI raised the repo rate, or the rate at which the central bank lends short-term cash to other banks, by 50 basis points to 4.90 per cent from 4.40 per cent.
The central bank also revised India’s inflation projection to 6.7 per cent from the earlier estimate of 5.7 per cent as inflation remained much above its tolerance limit.
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