RBI hikes repo rate by 50bps, higher than expected – combating inflation remains priority; growth projections lowered Repo rate hiked by 50bps: The RBI hiked repo rate by 50bps, as against the consensus estimate of 25bps, taking the repo rate to 8.0% with immediate effect. Consequently, the reverse repo rate stands 100bps lower than the repo rate at 7.0%. CRR and Bank Rate have been kept unchanged at 6.0% each.Growth projections revised downwards; Inflation projection revised upwards: Given the sustained inflationary pressures seen in the recent past the RBI has revised its inflation projection upwards to 7.0% from 6.0% earlier, while the growth projections for some of the monetary aggregates have been revised downwards.
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