RBI Monetary Policy 2023 Live Updates: RBI Hikes Repo Rates by 25 Basis Points to 6.50%, Loan EMIs to go Up
RBI Monetary Policy 2023 Live Updates: RBI's MPC has decided 4:2 vote to remain focused on withdrawal of accommodative policy.
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New Delhi: In a move that will raise borrowing costs for corporates and individuals even further, the RBI Monetary Policy Committee led by Governor Shaktikanta Das hiked Repo Rate by 25 basis points to 6.5 percent on Wednesday.
Repo is the rate at which Reserve Bank of India lends funds to commercial banks when needed. It is a tool that the central bank uses to control inflation. This is the third hike since the beginning of the current financial year, taking the rate is back to pre-pandemic levels in order to tame the inflationary pressure.
The six-member Monetary Policy Committee headed by Reserve Bank of India Governor Shaktikanta Das started deliberations on the bi-monthly policy review on Monday.
Governor Shaktikanta Das said that 4 out of 6 members of the Monetary Policy Committee voted in favour of the rate hike.