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To tame the ever rising inflation, the Reserve Bank of India (RBI) has again increased the repo rate by 50 basis points. The new repo rate is 8 percent. The repo rate is the rate at which the central bank lends money to other banks.
With this 11th interest rate hike in the last 15 months, RBI is making it clear that it is taking the rising inflation very seriously.
The increase in repo rate is expected to affect auto loans, home loans, personal loans and other borrowings. The loans are now going to cost more.
