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On Wednesday, the Reserve Bank of India (RBI) increased the repo rate by 25 basis points, taking it to 6.5 per cent. Since May 2022, the repo rate has been hiked by 250 basis points. One basis point stands for 0.01 per cent.
The repo rate, short for repurchase option rate, is the interest rate at which RBI lends money to banks and financial institutions against government securities. It is used by banks to determine the interest rates on deposits as well as to fix the interest rates on loans. The deposit and lending rates are directly proportional to
First Published: Feb 10 2023 | 2:07 PM IST
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