The Reserve Bank of India (RBI) on Wednesday
hiked the key lending or repo
rate by 25 basis points to
6.25 per cent as it announced its second bi-monthly monetary policy statement
for 2018-19. The repo (or repurchase) rate is the rate of interest which the
RBI charges to lend short-term loans to the commercial banks. The reverse repo
rate under which the RBI borrows from banks was adjusted to 6 per cent.
"The decision of the MPC (Monetary Policy Committee) is consistent with
the neutral stance of monetary policy in consonance with the objective of
achieving the medium-term target for consumer price index (CPI) inflation of 4
per cent within a band of +/- 2 per cent, while supporting growth," the
RBI said in its policy statement. All the six monetary policy committee
(MPC) members, Chetan Ghate, Pami Dua, Ravindra H. Dholakia, Michael
Debabrata Patra, Viral V. Acharya and Urjit R. Patel, voted in favour of the
decision.
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