The Reserve Bank of India (RBI) on Tuesday hiked its key lending rate by a quarter of a percentage point, even as it said that global recovery was gaining traction led by the US growth. The central bank said India's FY15 gross domestic product (GDP) growth may be in the range of 5-6%.

RBI hiked the repo rate, at which it lends short-term funds to banks, to 8%. In tandem, the marginal standing facility (MSF) rate was also hiked by 25 basis points. The apex bank retained the cash reserve ratio (CRR), or the amount of deposits banks needs to park with the central bank and on which they earn no interest, at 4%.


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