On 21st December, 2022, the Reserve Bank of India has declared its monetary policy and as per the source https://rbidocs.rbi.org.in the extract of the the Minutes of the Monetary Policy Committee meeting has been given below.

December 5-07,2022 (Under Section 45ZL of the Reserve Bank of India Act, 1934) The fortieth meeting of the Monetary Policy committee, constituted under Section 45ZB of Reserve Bank of India Act-1934, was held during December 5-7, 2022. The Committee decided to increase the lending rate by 35 basis points to 6.25 percent with immediate effects. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth.

On this basis of this article answer the question.

Identify the name of the monetary measure, which has been changed in the fortieth meeting of the Monetary Policy Committee during $5^{th}$ to $7^{th}$ December 2022 as mentioned in the above passage.

Repo Rate

The correct answer is option (3) : Repo Rate

The passage mentions that the Monetary Policy Committee decided to increase the lending rate by 35 basis points to 6.25 percent. The lending rate mentioned here corresponds to the Repo Rate, which is the rate at which the central bank lends money to commercial banks.