RBI Repo Rate Hike to 5.50%: What It Means for You

RBI has increased the repo rate by 25 basis points to 5.50%. The hike is aimed at controlling inflation amid strong economic growth and pressure from crude oil prices and geopolitical tensions. Higher rates can affect loan EMIs, home and car purchases, NBFC borrowing costs, bank deposits and FD returns. Watch: RBI Repo Rate Hike Explained