Kurukshetra | RBI hikes repo rate by 50 basis points to 4.90% to tame inflation; EMIs set to go up

The Reserve Bank of India (RBI) on Tuesday hiked the benchmark lending rate by 50 basis points as inflation continues to remain above its comfort level. One basis point is one-hundredth of a percentage point. Accordingly, the repo rate now stands at 4.90 per cent.