RBI hikes benchmark lending rate by 50 basis points to 5.90 per cent

Back To Homepage Subscribe To RSS Feed

Breaking News

Deputy CM Ensures Land ROR Distribution for Bondas, Reviews Bonda Ghati Progress Iswar Addanki Malkangiri,Odisha,21.12.2024 -Deputy Chief Minister Smt. Parvathi Parida reviewed the distribution of land and common forest titles under the Vasundhara Yojana in Bonda areas like Mudulipada, Baddural, Andrahal, and...
Emerging Climate Leaders Share Insights from COP29 By Our Staff Reporter Bhubaneswar, Dec 20: A dissemination meeting was organized today by Youth4Water Plus, with support from UNICEF Odisha, to share key takeaways and experiences from the...
108-foot monumental National Flag unveiled at Rama Devi Women’s University, President Droupadi Murmu’s alma mater By Manoj Jena Bhubaneswar, Dec. 18: A 108-foot monumental national flag, installed by the Flag Foundation of India, was unveiled on Wednesday at Rama Devi Women’s University in Bhubaneswar, Odisha....
IMFA Joins Hands with JSW Green Energy for Renewable Power Supply By Swagatika Bhutia Bhubaneswar, Dec. 18: Indian Metals & Ferro Alloys Ltd (IMFA), a leader in ferrochrome production, has entered a joint venture with JSW Green Energy to secure renewable...
India’s first cyclone-resistant 220kv transmission line commissioned in Odisha By Payal Banarjee Bhubaneswar, Dec. 17: Empowertrans, a Bhubaneswar-based electrical engineering firm, has successfully commissioned India’s first cyclone-resistant 220kV double-circuit (D/C) transmission line in coastal Odisha. The announcement was made...

RBI hikes benchmark lending rate by 50 basis points to 5.90 per cent

September 30

11:59 2022

Print This Article Share it With Friends

by indadmin

MUMBAI, SEPT 30: The Reserve Bank of India (RBI) on Friday raised the benchmark lending rate by 50 basis points to 5.90 per cent in a bid to check inflation, which has remained above its tolerance level for the past 8 months.

With the latest hike, the repo rate or the short-term lending rate at which banks borrow from the central bank is now close to 6 per cent.

This is the fourth consecutive rate hike after a 40 basis points increase in May and 50 basis points hike each in June and August. In all, RBI has raised benchmark rate by 1.90 per cent since May this year.

The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das decided in favour of the rate hike.

The Consumer Price Index (CPI) based inflation, which RBI factors in while fixing its benchmark rate, stood at 7 per cent in August. Retail inflation has been ruling above the RBI’s comfort level of 6 per cent since January this year.

Das retained the inflation projection at 6.7 per cent for the current fiscal while slashing real GDP growth estimate to 7 per cent from earlier forecast of 7.2 per cent for FY’23.

The latest RBI action follows the US Federal Reserve effecting the third consecutive 0.75 percentage point interest rate increase, taking its benchmark rate to a range of 3-3.25 per cent earlier this month.

-PTI