RBI hikes repo rate by 50 bps to 4.90%
Rate increase follows an out-of-cycle increase last month. The RBI slashed the repo rate in March 2020 to mitigate the impact of a covid-induced lockdown,
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Rate increase follows an out-of-cycle increase last month. The RBI slashed the repo rate in March 2020 to mitigate the impact of a covid-induced lockdown,
In the third quarter, twenty-five economists predicted repo rates would rise by 25 basis points to 4.25 percent.
The government announced a gross borrowing of Rs 14.1 trillion for the next financial year.
The central bank has been keeping the status quo on policy and continuing with the accommodative stance to help revive GDP growth.
In the previous week, IMF had lowered the growth projections from 12.5 per cent to 9.5 per cent for the fiscal year 2021-22 which was down by 3 per cent points which were continued by the second wave of the COVID-19 pandemic in the country.
Reserve Bank of India Governor Shaktikanta Das has announced the bi-monthly monetary policy statement on Wednesday.
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