The Reserve Bank of India (RBI) raised its benchmark policy repo rate by 25 basis points to 5.50% on Wednesday, the central bank’s first rate increase since February 2023.
The six-member Monetary Policy Committee voted unanimously in favor of the increase, lifting the policy rate from 5.25%, the RBI said. The central bank also announced a shift in its policy stance to “calibrated tightening,” according to the RBI. The rate is now at its highest level in about a year [1].
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