RBI hikes rates again as it takes aim at inflation
Central bank raises repo rate by 50 bps in second hike in as many months
This is the second hike in as many months following the 40 basis points increase in an unscheduled meeting of the rate-setting panel in May. One basis point is 0.01%
MUMBAI : The Reserve Bank of India (RBI) raised interest rates by a half percentage point, the steepest increase in more than nine years, and sharply lifted the full-year inflation forecast, setting the stage for more rate hikes this year as the central bank escalates its campaign to tame inflation, which is at an eight-year high.