News > RBI Hikes Interest Rate by 50 Basis Points to Tame Inflation

RBI Hikes Interest Rate by 50 Basis Points to Tame Inflation

M | 08/06/2022 04:34 PM | Click to read full article

RBIĀ on Wednesday raised the interest rate by 50 basis points to a two-year high of 4.9% as it doubled down to tame inflation that has surged in the last couple of months.

The rate hike comes on the back of a 40 bps increase effected by RBI at an unscheduled meeting on May 4. All the six members of the Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, unanimously voted for the latest rate hike.

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