2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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PNB
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BoB
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BoI
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SBI
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Detailed explanation-1: -The RBI has increased the repo rate by a cumulative 250 basis points to 6.50 per cent since May this year. In December 2022, the MPC hiked the Repo rate by 35 basis points in a bid to rein in retail inflation.
Detailed explanation-2: -The current repo rate is 6.25%. The Monetary Policy Committee meeting of the Reserve Bank of India, which began on Monday, will announce its decision on Wednesday amid predictions about the repo rate to hike by 25 basis points (bps).
Detailed explanation-3: -Why did RBI increase the repo rate? According to experts, the rate hike was done to tackle record high inflationary numbers.
Detailed explanation-4: -Yes Bank. Yes Bank announced an interest rate modification for fixed deposits under ₹2 crore on January 3, 2023. For deposit tenors from 7 days to 120 months, the bank is now giving interest rates that vary between 3.25% and 7.00% for the general public and 3.75% to 7.75% for senior citizens.