RBI hikes repo rate by 50 bps to 4.90%

The Reserve Bank of India (RBI) on Wednesday hiked key repo rate by 50 basis points (bps) to 4.90 per cent in a bid to tame the soaring inflation in the country. Retail inflation accelerated to an eight-year high in April, remaining above the central bank's tolerance limit for a fourth month in a row, and is likely to stay elevated.