The Reserve Bank of India raised the repo rate by 35 basis points to 6.25 percent. The RBI Monetary Policy Committee (MPC) voted to hike interest rates in order to bring high inflation back to its target of 4%.
The Standing Deposit Facility rate, which represents the bottom of the interest rate corridor, is currently 35 basis points higher at 6%. The Marginal Standing Facility rate, which is the upper band of the interest rate corridor, has also been raised by 35 basis points to 6.50 percent.