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- The Reserve Bank of India’s Monetary Policy Committee (MPC) voted unanimously to raise the repo rate by 50 basis points to 4.90%.
- In May 2022, RBI increased the repo rate or short-term lending rate by 40 basis points
- The RBI’s move will increase borrowing costs for those seeking loans to buy cars and homes and MSME firms looking to raise capital.
- The MPC also decided to remain focused on the withdrawal of accommodation which had been provided to support the COVID-19 hit economy.
- It aims to ensure that inflation remains within the target going forward, while supporting growth
- The MPC fix the benchmark interest rates in India.
- The committee held at least 4 times a year.
- The Governor of RBI act as the chairperson ex officio of MPC.
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