RBI hikes the repo rate by 0.5% – Governor Shaktikanta Das Noticed!!! To control inflation RBI hikes interest rate on short-term loans to 5.4% from 4.9%. According to this, Reserve Bank Governor Shakti Kanthadas has announced that the interest rate to banks will be increased by 0.5%. Accordingly, he also announced that the repo interest rate for banks will be increased from 4.9 percent to 5.4 percent with immediate effect.
As per the announcement the repo rate was hiked by 50 basis points to 5.4%. On regarding this Reserve Bank Governor Shaktikanta Das said that, ‘The repo rate is hiked by 0.5 percent. As a result, the repo rate was hiked to 5.4 percent. Due to the high inflation in Indian economy, RBI decided to increase the Interest rates of banks. Now, India’s economic growth is expected to remain at 7.2 percent in the current financial year.
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Moreover the inflation is projected at 6.7 percent in FY 2022-23 and CPI to be 5 percent in the year 2023-24′. Considering all this things RBI hikes interest rate on short-term loans to 5.4% from 4.9% and the repo rate increased by 0.5% to 5.40%. Due to the increase in repo interest rates, there are some expectation about the vehicle and personal loans would increase soon.
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