Live: Analysts react as RBI raises repo rate by 40 bps to tame inflation
The MPC raised the key lending rate or the repo rate by 40 basis points to 4.40%, Governor Shaktikanta Das said.
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BS Web Team | New Delhi
Last Updated at May 4, 2022 15:36 IST
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Live news updates: The Reserve Bank of India's monetary policy committee (MPC) raised the key lending rate by 40 basis points on Wednesday, citing persistent inflationary pressures in the economy, governor Shaktikanta Das announced.
The MPC raised the key lending rate or the repo rate by 40 basis points to 4.40%, Das said. This is the first-rate hike since August 2018 and the first instance of the MPC making an unscheduled increase in the repo rate (the rate at which banks borrow from the RBI).
The MPC unanimously voted for a rate hike while maintaining the accommodative stance. While the inflation has remained above the targetted 6 per cent since January, Das said the inflation print in April is also likely to be high.
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