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Bank of India Raises Interest Rates by 0.40%

The Reserve Bank of India (RBI) raised its repo rate by 0.40% to 4.40% at its meeting on Wednesday, saying the continued spike in inflation has put pressure on the country’s economy.

The yield on India’s 10-year government bond rose to 7.41% shortly after the central bank’s interest rate announcement.

Bank of India Governor Shaktikhanta Das said that the Reserve Bank of India’s policy committee has reviewed the inflation outlook. And believes that raising interest rates to curb inflation is considered appropriate.

In addition, the Board considered that the application of monetary policy to the current crisis will help create macrofinancial stability.

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