MUMBAI: The Reserve Bank on Wednesday expectedly raised the benchmark lending rate by 35 basis points (bps) - the fifth increase since May - saying it remains focussed on bringing down the inflation to a tolerable limit.
The move to raise the rate will make loans — including housing, auto — and corporate credit expensive.
Terming the Indian economy a bright spot in the otherwise gloomy world, the Reserve Bank of India (RBI) lowered its estimate of GDP growth to 6.8 per cent in the fiscal ending March 31, 2023, from an earlier forecast of 7 per cent.
It, however, kept the inflation forecast unchanged at 6.7 per cent for the current fiscal and projected it to come down below the upper tolerance limit of 6 per cent in the fourth quarter of the current financial year.
The Consumer Price Index (CPI) based inflation, which RBI factors in while fixing its benchmark rate, stood at 6.7 per cent in October. Retail inflation has been ruling above the RBI’s comfort level of 6 per cent since January this year.
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