New Delhi: The Reserve Bank of India (RBI) on Wednesday announced to hike the repo rate once again in the wake of inflation hitting a multi-year high. Now the repo rate has increased by 0.50 per cent to 4.90 per cent. This is the second consecutive increase in the repo rate in the span of almost a month. RBI Governor Shaktikanta Das has informed about the repo rate hike after the June meeting of the Monetary Policy Committee today.

The three-day meeting of rbi's monetary policy committee was in progress from Monday and concluded today. This was the third meeting of the RBI MPC in the current financial year. In the meeting, the five members of the committee, led by Governor Das, deliberated on the architectural status of inflation and economic growth. In view of uncontrollable inflation, the members of the committee agreed that at the moment there is no other way to increase the repo rate. Earlier, the RBI had announced a sudden increase in the repo rate last month after a long gap. Governor Das, while addressing a press conference after a sudden emergency meeting, had said that a decision has been taken to increase the repo rate by 0.40 per cent. 

He had said that the central bank's monetary policy committee held an emergency meeting to discuss the state of the economy, even when the MPC members unanimously decided to raise the repo rate by 0.40 per cent. Apart from this, the RBI had in May decided to increase the repo rate as well as the cash reserve ratio (CRR) by 0.50 per cent. However, the MPC had retained the Accomodative Monetary Policy Stance.

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