RBI Deputy Governor on rate hike move
Reserve Bank of India (RBI) Deputy Governor Subir Gokarn says the RBI’s move to hike key rates by 25 basis points was based on the excessive risk of disruption in form of high global food prices and energy situation. The RBI raised its repo rate, at which it lends to banks, to 6.5 per cent from 6.25 per cent. It lifted the reverse repo rate, at which it borrows from banks, to 5.5 per cent from 5.25 per cent.
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