RBI Revises Repo Rate By 40 Bps, EMIs On Loans To Be Expensive
The RBI Governor Shaktikanta Das announced a 40 bps hike in repo rates, due to which money loans will be expensive. On May 4, Das said after unanimous votes of the Monetary Policy Committee, the repo rate has been increased by 40 basis points, citing persistent inflationary pressures in the economy. Moreover, the amount of deposits in bank rate is 4.5%. The hike will be effective from May 21.