The Reserve Bank of India (RBI) on Tuesday raised its short-term lending (repo) and borrowing (reverse repo) rates by 50 basis points (bps) to 8% and 7% respectively in order to fight inflation. It also cut credit growth forecast for banks to 18% from 19% projected earlier.
Union Bank intends to pass on rate hike on deposit and lending side, said chairman and managing director (CMD) MV Nair. The RBI stunned the market by raisings its key policy rates by 50 basis points. "I think rate hikes are unlikely to stop till inflation come down," Nair said. Below is the verbatim transcript of his interview. Also watch the accompanying video. Q: What are your thoughts on yesterdayDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
