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RBI hikes CRR, repo

RBI hikes CRR, repo

Apnaloan.com Research Bureau

26 Jun 2008

Following the inflation which is at its highest level in 13 years, the Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points to 8.50 per cent with immediate effect.

The central bank has also hiked the cash reserve ration (CRR) by 50 basis points to 8.75 per cent in two stages.

This hike may result in costlier loans. The immediate impact could be a hike in home loan rates.

According to media reports, a 50 basis point hike in a Rs. 10 lakh loan for 20 years will mean an extra Rs. 336 per EMI if the interest rate jumps from 10.25 per cent to 10.75%.

On June 11, RBI raised the repo rate by 25 basis points. In May, it raised the CRR by 50 basis points.