RBI hikes policy rate by 50bps to 5.4%

Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced the rise of policy rate by 50 basis points to 5.4 per cent.

Announcing the decision of the Monetary Policy Committee (MPC) during its three-day meeting, Das said it has been decided to increase the policy rate by 50bps to 5.4 per cent with immediate effect.

He also said the domestic economy is showing signs of broadening.