RBI hikes repo rate by 50 bps to 4.90%

RBI Governor Shaktikanta Das has stated that this move can fight soaring inflation.

By Keertiman Upadhyay On Jun 8, 2022

Image courtesy:TheIndianExpress

On Wednesday, June 8, the Reserve Bank of India (RBI) has increased the repo rate by 50 bps to 4.90%. RBI Governor Shaktikanta Das has stated that this move can fight soaring inflation.

The repo rate was slashed by the RBI in the March of 2020 to curb the impact of COVID-19 & lockdown. The hike in the repo rate has been made after two years. The repo rate is the key policy rate at which the central banks lend funds to banks.

The increase in the repo rate was highly anticipated. The Monetary Policy Committee (MPC) voted unanimously to hike the repo rate. The standing deposit rate has been increased to 4.65% from 4.15% and the marginal standing facility rate to 5.15%.

RBI Reporate

Keertiman Upadhyay 116 posts

Keertiman Upadhyay is the sub-editor for Business beat at Afternoon Headlines. He is a student of Multimedia & Mass Communication. He is also a learner of humanities at Harvard University & Tata Institute of Social Sciences. He is an enthusiast of literature & writes on various topics.

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