The Reserve Bank of India's Monetary Policy Committee decided to hike interest rates by 35 bps to 6.25%. The move will make loans more expensive, but it will also earn you higher returns on your fixed and other deposits in banks. While the quantum of the rate hike is lower, which means the worst of high inflation is behind us, economic growth will likely slow. Economy Editor TCA Sharad Raghavan explains the likely impact of RBI's decision today.
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