RBI raises repo rate by 40 basis points to 4.40%
The Reserve Bank of India (RBI) has raised the Repo rate by 40 basis points to 4.40% and the cash reserve ratio (CRR) by 50 basis points to 4.50%.
Aim: To bring down the raised inflation to the desired level and tackle the impact of geopolitical tensions.
Deposit rates and EMI on loans are likely to increase. The hike in CRR by 50 bps will suck out Rs 87,000 crore from the banking system. Consumer Price Index inflation stood at 6.95% in March 2022.
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