RBI Raises Repo Rate to by 25 bps to 6.50%; Receives 14.5% Negative Sentiments from the Online Audiences: CheckBrand
In response to easing inflation, the rate-setting panel headed by the Reserve Bank of India increased the country's policy rate by 25 basis points on Wednesday.
The key rate at which the RBI lends short-term funds to commercial banks, known as the repo rate, was raised by the Monetary Policy Committee (MPC) to 6.50 percent from 6.25 percent. Since May, the panel has now increased the key rate by 250 (225 + 25) bps. Additionally, the panel chose to keep its attention on the withdrawal of an accommodating stance.
"The MPC believed that additional, calibrated monetary policy action was necessary to maintain anchored inflation expectations, end core inflation's persistence, and thereby improve medium-term growth prospects. The MPC decided to do this by increasing the policy repo rate by 25 basis points "The RBI governor said.
This marks the sixth consecutive increase in the repo rate.
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