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| July 27, 2010 | RBI raises repo rate by 25 bps, reverse repo by 50 bps | |
Mumbai:The Reserve Bank of India (RBI) on Tuesday raised short term lending or repo rate by 0.25 percentage points. It will be now 5.75 per cent. The short-term
borrowing or reverse repo rate has been hiked by 0.50 percentage point to 4.50
per cent. The cash reserve ratio or CRR and bank rate have been kept unchanged
at six per cent. It also raised economic growth forecast to 8.5 per cent for 2010-11
fiscal from earlier eight per cent. Earlier, RBI had hiked repo and reverse repo
rates by 0.25 percent as inflation remained above ten percent for the fifth month
in succession. RBI's projection of a higher inflation than the earlier estimate
could partly be attributed to the government's move of raising fuel prices. In
June, the government raised petrol prices by Rs 3.5 a litre while decontrolling
them and hiked diesel prices by Rs two a litre, LPG by Rs 35 a cylinder and kerosene
by three a litre. |
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