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Live news updates: EMIs to rise as RBI hikes repo rate by 40 bps

The MPC raised the key lending rate or the repo rate by 40 basis points to 4.40%, Governor Shaktikanta Das said.

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BS Web Team  | New Delhi 

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Live news updates: Home, auto and other loan EMIs are likely to increase after the Reserve Bank of India (RBI) hiked its key interest rate by 40 bps in a surprise move on Wednesday in an effort to tame inflation that has remained stubbornly above target in recent months.
 
The increase in repo rate - the rate at which RBI lends to commercial banks - to 4.40 per cent from a record low of 4 per cent is the first since August 2018 as well as the first instance of the RBI Governor-headed monetary policy committee (MPC) holding an unscheduled meeting for raising interest rates.
 
The MPC unanimously voted for a rate hike while maintaining the accommodative stance. While the inflation has remained above the targetted 6 per cent since January, Das said the inflation print in April is also likely to be high.

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First Published: Wed, May 04 2022. 06:52 IST