RBI raised repo rate by 50 bps taking the policy back to pre-pandemic levels

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The central bank has raised the repo rate above pre-pandemic levels and the MPC is focusing on tapering accommodation.

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The Reserve Bank of India's (RBI) rate-setting panel raised its main lending rate, the repo rate, by 50 basis points (bps), bringing the base rate back to the end-2019 level.

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Bps is one hundredth of a percentage point. With the latest hike by the six-member Monetary Policy Committee (MPC), the repo rate now stands at 5.4 percent.

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Repo is the rate at which the central bank lends short-term funds to banks. Changes in this rate are usually passed on to the wider banking system.

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