RBI hikes repo rate after 4.5 years

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RBI hikes repo rate after 4.5 years

India’s monetary policy committee voted unanimously to increase the benchmark repo rate for the first time in more than four years, as it tries to fend off rising inflation pressures. The repo rate was raised by 25 basis points to 6.25 percent. The last time this benchmark rate was raised was in January 2014. The reverse repo rate stands increased to 6 percent from 5.75 percent. Fourteen of 43 economists polled by Bloomberg had forecast a 25 basis point hike in rates.