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RBI raises repo rate by 25 basis points in first interest rate hike in four-and-a-half years; stance ‘neutral’

The Reserve Bank of India on Wednesday voted unanimously to hike repo rate by 25 basis points, in a first in four-and-a-half years after giving RBI’s MPC began its 3-day meeting on Monday. The six-member MPC, headed by Governor Urjit Patel, is meeting for three days for the first time instead of the usual two days