Repo, reverse repo rates raised by 50 basis points; Bankers expect 50-100 basis points rise in rates; Markets see red, Sensex slumps by 463 points; Central bank pegs GDP growth at 8 per cent; Savings rate to go up by 50 basis points to 4 per cent. The “baby steps” have finally given way to what Reserve Bank of India (RBI) Governor D Subbarao himself defined as a “large step”. The central bank on Tuesday raised key policy rates by 50 basis points (bps) and declared it would battle high inflation even at the cost of some economic slowdown.