RBI hikes benchmark lending rate by 50 basis points to rein in inflation

Updated: Sep 30 2022 10:34AM

Mumbai, Sep 30 (PTI) The Reserve Bank of India (RBI) on Friday raised the benchmark lending rate by 50 basis points to 5.90 per cent in a bid to check inflation, which has remained above its tolerance level for the past 8 months.

With the latest hike, the repo rate or the short term lending rate at which banks borrow from the central bank is now close to 6 per cent.

This is the fourth consecutive rate hike after a 40 basis points increase in May and 50 basis points hike each in June and August. In all, RBI has raised benchmark rate by 1.90 per cent since May this year.

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