1 min read.Updated: 05 May 2022, 03:54 PM ISTLivemint
Inflation in India has reached 6.95%, which is much higher than the safe zone of 6 per cent
Listen to this article
In a move that will raise borrowing costs, the Reserve Bank of India (RBI) has hiked the benchmark lending rate by 40 basis points (bps) to 4.40 per cent. After announcing the rate hike, RBI Governor Shaktikanta Das said that this was essential to contain inflation that has remained above the target of 6 per cent for the last three months.