Pay more for your loan – Thank RBI
Mumbai: India’s central bank Tuesday sharply hiked key rates by 50 basis points in the 11th such exercise since January 2010 to tame stubborn inflation, setting the stage for auto, housing and commercial loans to become dearer once again.
The repurchase rate, the interest the central bank levies on short-term borrowing by commercial banks, has been hiked to 8 percent from 7.5 percent and reverse repurchase rate, or interest paid on short-term lending, raised to 7 percent from 6.5 percent.
The rate hikes were effected by Reserve Bank of India (RBI) Governor Duvvuri Subbarao during the first quarterly review of the apex bank’s monetary policy for this fiscal conducted at his headquarters on Mint Road here.
While the rate hike was expected, the quantum of increase took the financial world by surprise. Yes Bank was first to react, hiking its base lending rate by 50 basis points to 10.25 percent. For more visit: MSN.com
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