RBI Hikes Key Lending Rate By 50 Basis Points To 4.90%: Live Updates

RBI raises key lending rate by 50 basis points to 4.90%: live updates

RBI can raise the policy repo rate by 40 basis points.

New Delhi:

The Reserve Bank of India (RBI) raised its key key policy rate (repo) by 50 basis points (bps) to 4.90 percent on Wednesday at its bimonthly meeting in June. The central bank is likely to concentrate rate hikes in a relatively short tightening cycle in the coming months. In a recent interview, RBI Governor Shaktikanta Das said the expectation of rate hikes in June is a “no-brainer.”

Here are the live updates on RBI policy meetings:

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RBI raises key lending rate by 50 basis points to 4.90 percent

“The war between Russia and Ukraine has led to the globalization of inflation. In such challenging times, the Indian economy has remained resilient”: RBI Governor Shaktikanta Das.

Retail inflation rose to an eight-year high of 7.79 percent in April. It has been above 6 percent since January 2022.

Inflation has been above the RBI’s target of 2-6 percent since the beginning of this year.

RBI’s six-member Monetary Policy Committee (MPC) is sure to raise key interest rates as inflation has remained above the central bank’s tolerance limit in recent months.

According to market analysts and economists, RBI is likely to raise the policy repo rate today by 40 basis points to 4.80 percent and raise the inflation forecast for the current fiscal year above 6 percent from its earlier projection of 5.7 percent. Repo rate is the rate at which the RBI lends short-term funds to banks.

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