NEW DELHI: The Reserve Bank of India (RBI) on Friday raised benchmark lending rates for the 4th straight time in a row, in a bid to tame the soaring inflation.
The monetary policy committee (MPC), comprising of three members from the RBI and three external members, raised the key lending rate or the repo rate by 50 basis points (bps) to 5.90% with five out of the six voting in favour of the hike.
The RBI has now raised rates by a total 190 basis points since its first unscheduled mid-meeting hike in May but inflation continues to remain stubbornly high - a phenomenon that is affecting much of the global economy.
