RBI hikes Repo Rate by 40 bps to 4.40 percent

RBI hikes Repo Rate by 40 bps to 4.40 percent

Daily Current Affairs / RBI hikes Repo Rate by 40 bps to 4.40 percent

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Category : Business and economics Published on: May 06 2022

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The Reserve Bank of India (RBI) announced an increase in key interest rates by 40 basis points, the first increase since August 2018 and the sharpest in nearly 11 years.
RBI Governor Shaktikanta Das said the decision was taken in view of rising inflation, geopolitical tensions, high crude oil prices and shortage of commodities globally, which have impacted the Indian economy.
The Reserve Bank of India (RBI) in its Monetary Policy Committee (MPC) meeting held between May 2-4, 2022 has decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 40 basis points (bps) to 4.40 per cent with immediate effect from 4.00% earlier.
RBI has also hiked the cash reserve ratio (CRR) by 50 basis points to 4.50 per cent effective from May 21, 2022.

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