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Mumbai: The Reserve Bank of India is likely to raise interest rates on Wednesday while retaining a neutral policy stance as it aims to strike a balance between rising inflationary pressures and still recovering growth.

A day after inflation-spooked RBI went for the second straight interest rate hike, markets are showing greenshoots of worry.

Mortgage lender Housing Development Finance Corporation (HDFC), meanwhile, hiked home loan rates by 20 basis points.

The central bank said that if the economy grows as expected, "an ongoing tightening of monetary policy over the forecast period would be appropriate" but Carney repeated its phrase that rate hikes will be limited and gradual.

All nine members of the BoE's Monetary Policy Committee (MPC) voted to raise the base rate by a quarter of a per cent.

Reverse repo - the rate at which the RBI borrows money from commercial banks within the country - is adjusted to 6.25 per cent.

"Against the above backdrop, the MPC made a decision to increase the policy repo rate by 25 basis points".

Investors are betting there is more than a 90% chance that interest rates will rise to 0.75%.

In the minutes of the MPC's meeting, the Bank said: "Recent data appeared to confirm that the dip in United Kingdom output in the first quarter had been temporary, with momentum recovering in the second quarter".

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Five of the six members on the rate panel voted for a rate increase.

"Based on the average SVR of 4.72%, today's rate rise represents an increase of £28.90* to average monthly repayments, sending them soaring to a whopping £1,165.69 a month".

Where will rates go from here?

But it also said inflation - now running at 2.4 per cent - was set to rise slightly higher than it had predicted in May's set of forecasts after recent falls in the value of the pound and higher energy prices.

Pushed on what no deal would mean, he said "disruption to trade as we know it", before adding: "As a outcome of that, a disruption to the level of economic activity, higher prices for a period of time".

Killol Pandya, Head, Fixed Income, Essel Mutual Fund, said, while market is discounting a rate hike, he believes it is a touch-and-go matter with nearly even probability of rate action. If credit demand gathers further steam in the financial year's second half, banks might have to respond with hikes in response to the competition for raising of resources. Economy is doing fine: Expected GDP growth rate of 7.4 per cent for the year is a sign of a strong economy.

Carney and his team's problem is that markets are now so convinced that a rate hike is coming, that the committee's credibility would be under threat if it were to leave rates on hold.

However the MPC says it "continues to recognise that the economic outlook could be influenced significantly by the response of households, businesses and financial markets to developments related to the process of European Union withdrawal".