RBI hikes repo rate to 6.25%, EMIs to get costlier
Authored By Wion Web Desk
Published: Jun 05, 2018, 21:50 IST | Updated: Jun 05, 2018, 21:50 IST
RBI
Story highlights
This was the first hike in over 4 years. The reverse repo rate is now 6.5%
The Reserve Bank of India has hiked its repo rate by 25 basis points to 6.25%.
This is the first hike in over four years.
The reverse repo rate has been hiked to 6.5%.
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The repo rate is the rate of interest at which the RBI loans money to other banks. The repo rate then determines the rate of interest at which the banks loan money to their customers.
A hike in the repo rate will mean an increase in the EMIs of people who have borrowed money at fluctuating rates.
The reverse repo rate is the rate at which the RBI borrows money from the market.
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The RBI meanwhile projected inflation for 2018-19 at 4.8- 4.9% in the first half and 4.7% in the second half of the year.
Its GDP projection was 7.5-7.6% for the first half and 7.3-7.4% in the second half.