<h1>RBI Raises Repo Rate by 50 Basis Points to 5.4% in Continued Effort to Curb Inflation, Ensure Rupee Stability.</h1> The Reserve Bank of India (RBI) raised the repo rate by 50 basis points to 5.4%, marking the third consecutive hike to curb inflation. Since May 2022, the repo rate has increased by 140 basis points. GDP growth for 2022-23 is projected at 7.2%, with quarterly growth forecasts provided. Retail inflation is projected at 6.7% for 2022-23. India experienced significant portfolio outflows, but its financial sector remains robust, and foreign exchange reserves are strong. The RBI aims to maintain rupee stability amid its depreciation against the US dollar. A new mechanism will allow NRIs to use the Bharat Bill Payment System for utility and education payments.