RBI hiked interest rate by 0.5%

RBI raises key lending rate (Repo Rate) to 3-year high.

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The Reserve Bank of India raised the Repo rate by 50bps (basis points) to 5.90%.

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This is the fourth increase since May 2022.

With effect of raise in repo rate, loans to get costlier and increase in EMIs.

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New borrowers get loans costlier than last week.

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