India’s central banking institution increases repo rate to 6.5 pct

NEW DELHI, Feb. 8– India’s central banking institution, the Reserve Bank of India, Wednesday announced a 25 basis points hike in repo rate to 6.5 percent. Repo rate is the rate at which the central bank lends money to commercial banks in the event of shortfall of funds. Meanwhile, the real gross domestic product growth for 2023-24 is projected at 6.4 percent.

NEW DELHI, Feb. 8 (Xinhua) — India’s central banking institution, the Reserve Bank of India (RBI), Wednesday announced a 25 basis points hike in repo rate to 6.5 percent.

Repo rate is the rate at which the central bank lends money to commercial banks in the event of shortfall of funds.

Meanwhile, the real gross domestic product growth for 2023-24 is projected at 6.4 percent.

RBI Governor Shaktikanta Das said the global economic outlook does not look as grim now as it did a few months ago and the Indian economy remains resilient. Enditem