The Reserve Bank for the second time in two months Wednesday raised its benchmark interest rate by 25 basis points on inflationary concerns, a move that will make home, auto and other loans expensive. With five of its members voting for the increase, the 6-member Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel, increased repo rate, at which it lends to other banks, to 6.5 per cent but kept its policy stance as "neutral". The reverse repo rate, at which it borrows from banks, was also raised by similar proportion to 6.25 per cent. The marginal standing facility (MSF) rate and the Bank Rate were also raised to 6.75 per cent. (Text: PTI)
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