RBI increases Repo rate by 8%
The Reserve Bank of India has increased the repurchase rate to 8 percent from 7.75 percent from today. The move came seven weeks before the bank’s scheduled monetary policy meeting on July 29.
Commenting on RBI decision Punjab National Bank Chairman K C Chakrabarty said, “All interest rates would be affected. We will take decision by month end. It (the move) will increase the cost of resources.”
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