The Reserve Bank of India today hiked the repo rate by 25 basis points to 6.50 per cent. Repo rate is the rate at which the central bank lends short-term money to commercial banks.
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This is for the first time in five years that the RBI has gone for a back-to-back hike.
The reverse repo rate — the rate which RBI borrows money from commercial banks – was also hiked to 6.25 per cent.