KalingaTV News Network
Mumbai: The Reserve Bank of India (RBI) on Wednesday hiked its key benchmark lending rate by 25 basis point to 6.5 per cent. The key lending rate was increased after RBI’s three-day Monetary Policy Committee (MPC).
Informing about the development, RBI in the monetary policy review statement said, “On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5 per cent.”
“Consequently, the reverse repo rate under the LAF stands adjusted to 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75 per cent.”
The decision by the six-member MPC, headed by RBI Governor Urjit Patel, comes amid elevated oil prices and inflation hovering around 5%.