BusinessRBI Raises Repo Rate to 5.50%, Home and Car Loans to Get Costlier
The Reserve Bank of India (RBI) increased the repo rate by 25 basis points to 5.50% after a three-day MPC meeting, ending a 3.5-year stable period at 5.25%. Governor Sanjay Malhotra cited rising global inflation, West Asia conflict, and crude oil price surges as reasons. This hike will increase EMI burdens on home and car loan borrowers. SDF and MSF rates were also raised to 5.25% and 5.75%, respectively.
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