India’s central bank raises benchmark rates as expected to tame prices

The Reserve Bank of India (RBI) governor Shaktikanta Das (R) addresses a press conference in Mumbai on June 8, 2022. - India's central bank on June 8 hiked rates for a second time in as many months, as Asia's third-largest economy reels from galloping inflation in the wake of the Ukraine war. - AFP

MUMBAI: India’s central bank has raised the key interest rate for a second straight month to rein in prices that have been running above its target band since the beginning of this year.

The Reserve Bank of India’s (RBI) rate setting panel voted unanimously to raise the repurchase rate by 50 basis points (bps) to 4.9%.