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

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

RBI may hike the policy repo rate by 40 basis points.

New Delhi:

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

Here are the live updates on RBI policy meet:

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RBI hikes key lending rate by 50 basis points to 4.90 per cent

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

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

The six-member Monetary Policy Committee (MPC) of RBI is certain to hike the policy interest rates as inflation has remained above the central bank’s tolerance limit for the past several months.

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

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