Mumbai: Reserve Bank of India Governor Shaktikanta Das on Friday announced the bank's decision to hike the key lending rate by 50 basis points to 5.4 percent with immediate effect.
This is the third straight increase in the rate.
Addressing the nation, Das said: "The Indian economy is grappling with high inflation."
He further said: "Financial markets have remained uneasy despite intermittent correction."
Das said: "India is expected to be among fastest-growing economies in FY2022-23 as per IMF."