The Reserve Bank of India (RBI) on Wednesday hiked repo rate — the rate at which it lends short term money to banks — by 25 basis points to 6.25 per cent. The hike comes after a long gap of four years.
Usually when RBI hikes repo rate, banks typically pass on the burden to customers. It is almost always the State Bank of India (SBI)—the country’s largest lender—that leads the rate cut cycle with other banks following suit.
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If the banks do indeed decide to pass on the hike, then home, auto and other loans are set to get costlier.