Reserve Bank of India (RBI) Governor Sanjay Malhotra said the duration and extent of the rate hike cycle will be contingent on the actual growth-inflation developments and outlook. The governor and other five Monetary Policy Committee (MPC) members voted to raise the repo rate by 25 bps to 5.5 per cent. The rate was hiked after a gap of nearly four years. He noted that there are increasing signs of generalisation of inflation.