RBI hikes repo rate by 50 basis points to a three-year high of 5.9%

Sep 30, 2022

MUMBAI: RBI Governor Shaktikanta Das on Friday announced that the central bank's Monetary Policy Committee (MPC) has hiked the repo rate - or the key lending rate - by 50 basis points (bps) to a three-year high of 5.9 per cent.

"The global economy is in eye of storm but India has withstood shocks over the last two years," RBI governor said. Inflation is hovering around 7 per cent and is expected to remain around 6 per cent in the second half of the year.

The GDP grew by 13.5 per cent year-on-year in the first quarter, he highlighted.