India 360: RBI hikes repo rate-CRR, know what this surprise hike means for the economy?

The Reserve Bank of India has increased interest rates on Wednesday. RBI has increased the repo rate by 0.40 percent. Along with this, the bank has also increased the cash reserve ratio by 0.50 percent. With these increases, the repo rate has now increased to 4.40 percent and the CRR to 4.50 percent. The increase in the interest rates of the Reserve Bank will have a direct impact on your EMI. After the increase in the repo rate, the banks have also started increasing the interest rates. Bank of India has changed the repo based lending rate. Bank of India increased the repo based lending rate by 0.4%. After the increase in the repo rate, the interest rate increased to 7.25%.