Chennai, Dec 7 (IANS) The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) on Wednesday increased the repo rate by 35 basis points (bps) to 6.25 per cent to contain inflation.
The repo rate, also called the policy rate, is the interest at which RBI lends money to the commercial banks.
RBI Governor Shaktikanta Das, heading the MPC, announced the rate hike.