The Reserve Bank of India declared a hike in the repo rate by 50 basis points to 4.90 per cent on Wednesday. The repo rate is increased by 0.50%. While the inflation rate has been projected at 6.7 per cent for the financial year 2022-23, the RBI remains hopeful that the economy will grow at 7.2 per cent in the current fiscal. Now this may also affect the EMI. Watch this video for complete details.