RBI credit policy: EMIs to rise on repo rate hike

The Reserve Bank of India has hiked policy rates for the tenth consecutive time in a bid to contain rising inflation. The repo rate, at which the RBI provides credit to banks, has been hiked by 0.25 per cent to 7.50 per cent. The reverse repo rate, which is the short term borrowing rate, now moves up to 6.50 per cent.