RBI Monetary Policy committee increases repo rate by 40 basis points to 4.40% with immediate effect

Governor Shaktikanta Das of the Reserve Bank of India (RBI) is expected to announce a change in key rates today (May 4) at 2 p.m., according to reports. Since May 2020, the RBI’s repo rate has remained steady at 4%. This is the interest rate at which the central bank lends banks short-term money. In India, retail inflation reached a 17-month high.