Mumbai: The Reserve Bank of India has decided to increase the policy rate repo rate from 0.35 percent to 6.25 percent in the monetary policy review today. RBI has taken this step in view of the international uncertainty environment and inflation.
At the same time, the central bank has lowered the gross domestic product (GDP) growth forecast for the current financial year 2022-23 from 7 percent to 6.8 percent.
The increase in the repo rate means that borrowing from banks and financial institutions will be expensive and the monthly installment (EMI) of existing loans will increase.
The announcement in this regard was made by RBI Governor Shaktikanta Das today.
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