The Reserve Bank of India’s monetary policy committee (MPC) has raised the key policy repo rate by 25 basis point to 6.25 percent.
In the six-member MPC, headed by RBI governor Urjit Patel, all six members voted for a rate hike, However, the central bank maintained its stance on liquidity at ‘neutral’.
You might know that the repo rate is the rate at which banks borrow short-term funds from the RBI. One basis point is a hundredth of a percentage point.
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