Just in: RBI hikes repo rate by 25 basis points

RBI has increased the repo rate by 25 basis points, its 13th rate hike during the last 18 months. The repo rate (rate at which RBI lends to banks) now stands at 8.50 per cent. Accordingly, the Reverse repo rate stands at 7.5%. The CRR has been maintained at 6% and in a major policy change the apex bank has deregulated the savings bank rate immediately.