The RBI raised its key interest rate by 50 basis  points on Wednesday, and raised its inflation projection to above target  for this year.

All the six members of the Monetary Policy Committee (MPC), headed by the RBI Governor, unanimously voted for the latest rate hike, taking the repo rate to 4.9 per cent.

EMIs set to rise as RBI hikes repo rate; the second increase in 5 weeks.

The central bank raised its inflation projection for the current fiscal year to 6.7 per cent, from 5.7 per cent predicted in April.

On growth, the RBI expected the Indian economy to expand at 7.2 per cent this fiscal, same as previously forecast.

The Standing Deposit Facility rate and the Marginal Standing Facility  Rate were accordingly adjusted higher by the same quantum to 4.65 per  cent and 5.15 per cent, respectively.

RBI Governor announced steps to increase penetration of digital payment system, proposes to link credit cards to UPI platforms.