Nirmala Sitharaman says 'RBI's repo rate hike came as a surprise because…'

In a surprise move on May 4, RBI had increased the policy repo rate by 40 basis points (bps)
The Reserve Bank of India’s (RBI) move to hike key policy interest rates come as a surprise because it was done between two monetary policy reviews, Finance Minister Nirmala Sitharaman said. “It (rate hike) came as a surprise because it came between the two monetary policy reviews,” the finance minister said at an event organised by the Economic Times.
In a surprise move on May 4, the central bank had increased the policy repo rate by 40 basis points (bps) to 4.40 per cent. The decision was taken in the unscheduled meeting of the RBI‘s Monetary Policy Committee. This was the first hike in policy rate since August 2018 and would make borrowing expensive.
The central bank pointed to rising inflation, geo-political tensions, high crude oil prices as the reasons that led to the move.
 
 
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