RBI rate hikes: 10 times in 15 months
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Be prepared to pay more every month on your home, auto and other loans, as the Reserve Bank today, for the 10th time since March, 2010, raised key interest rates by 25 basis points in its effort to control spiralling inflation.
The RBI has raised the short-term lending (repo) rate by 25 basis points to 7.50 per cent and the short-term borrowing (reverse repo) rate will move up by a similar margin to 6.5 per cent. It kept other rates and ratios unchanged.
The mid-quarterly policy initiatives, the RBI said, are expected to contain inflation, which is currently over 9 per cent, much above the comfort level of the central bank.
"The RBI has sought to maintain an interest rate environment that moderates inflation and checks inflationary expectations," the Finance Ministry said in a statement, adding that this was on expected lines. (PTI)
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