RBI Governor Shaktikanta Das announces that RBI increases the repo rate by 25 basis points to 6.5%. Inflation is on a decent, he added.
Unprecedented events of the last three years have put to test monetary policy across the world. Emerging market economies are facing sharp tradeoffs between supporting economic activity and controlling inflation while preserving policy credibility, he said.
The Reserve Bank of India's benchmark repo rate was raised by 50 basis points today, the fourth straight increase in the current cycle, as policymakers extended their battle to tame sustained above-target retail inflation rate.
The Reserve Bank of India hiked its key lending rate by 50 basis points to pre-pandemic levels of 5.40 per cent on Friday, a third increase in a row to tame surging inflation which has remained above the upper end of the central bank's target this year.