RBI increases repo rate by 40 basic points to 4.40 per cent with immediate effect

In a surprise move, the Reserve Bank of India (RBI) on May 04 increased the policy repo rate by 40 basis points to 4.40 per cent with immediate effect. Addressing a Press Conference RBI Governor Shaktikanta Das said, “Monetary Policy Committee votes unanimously to increase policy repo rates by 40 bps with immediate effect.”