RBI hikes repo rate by 50 bps to 5.9%; pegs GDP growth at 7% for FY23

The Reserve Bank of India (RBI) on Friday raised benchmark lending rates for the 4th straight time in a row, in a bid to tame the soaring inflation.Reserve Bank's monetary policy committee (MPC) unanimously decided to raise repo rate by 50 basis points (bps). It now stands at 5.9%.

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