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Hike In RBI Repo Rate By 25 Bps To 6.5% admin February 9, 2023

Hike In RBI Repo Rate By 25 Bps To 6.5%

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IamSMEofIndia Update

RBI announces hike in Repo Rate by 25bps to 6.5%

RBI, yesterday, announced hike in Repo Rate by 25 bps from 6.25% to 6.5%.

This is much against the wishes of Business Community and Retail borrowers, including Home Loan borrowers.

With this, the total increase in Repo Rate in the last 10 months since 1st April 2022, comes to staggering 2.5%, i.e., from 4.0% to now 6.50%.

This is 62.5% increase in Interest Rates as compared to 31.03.2022 and shall add huge burden on all businesses, specially MSMEs and also retail borrowers and may slow down the domestic markets further.

MSF rate will stand revised at 6.75%.

RBI has projected retail inflation at 6.5% for 2022-23 and 5.3% for 2023-24.

Meanwhile, RBI expected the FY23 GDP growth at 7%.

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