Tuesday, July 16, 2024

RBI hikes interest rate by 50 basis points

RBI hikes interest rate by 50 basis points

RBI Repo Rate: The repo rate has increased from 5.4 percent to 5.9 percent.

The Reserve Bank of India (RBI) has increased the interest rate by 50 basis points, that is, the repo rate has now increased by 0.50 percent. After this decision of RBI, now the repo rate has increased from 5.4 percent to 5.9 percent.

RBI hikes interest rate by 50 basis points

RBI Governor Shaktikanta Das said that the Indian economy remains resilient despite global constraints, which may not be affected by the global slowdown.
For the financial year 2023, the Reserve Bank has kept the GDP growth forecast at 7 per cent, earlier the estimate was 7.2 per cent. Apart from this, the inflation rate estimate has also been retained at 6.7 percent.

In this financial year, the growth rate between July-September is estimated to be 6.3%, in October-December i.e. third quarter it is 4.6% and in fourth quarter i.e. January-March it is estimated at 4.6%.

Let us tell you that earlier the Reserve Bank of India had increased interest rates by 0.50 per cent in August, by 0.50 per cent in the month of June and by 0.40 per cent in May.

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