RBI Hikes Interest Rate To 3-Year-High Of 5.9%
The Reserve Bank of India hiked its key lending rate by 50 basis points to 5.90 per cent, driven by elevated inflation, aggressive global central bank policies, and turmoil in financial markets. The key lending rate, or repo rate, was increased by 0.5 per cent to 5.90 per cent by the monetary policy committee (MPC), which consists of three members from the RBI and three outside members, with a five out of six majority.
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