The Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) on Friday announced a 50 basis point hike in the repo rate to 5.9 per cent.
The RBI’s MPC started its three-day deliberations on Wednesday amid expectations of yet another rate hike of 50 basis points to tame surging inflation, in line with similar actions taken by other major central banks around the globe, including the US Fed.
The MPC, headed by RBI Governor Shaktikanta Das, began its three-day deliberation on September 28.
The banking regulator, based on the recommendations of the MPC, had hiked 50 basis points in repo rate each in June and August after raising the short-term lending rate by 40 basis points in an off-cycle decision in May.