The RBI on Tuesday hiked short-term lending and borrowing rates sharply by 50 basis points for the third time in three months to tame high inflation. The move is expected to make all personal and corporate loans more expensive.The RBI has also revised its fiscal-end inflation projection to 7 per cent from 6 per cent earlier. With increase of 0.50 per cent, the short-term lending (repo) rate has been hiked to 8 per cent and the short-term borrowing (reverse repo) rate has also been increased by a similar margin to 7 per cent. The RBI however, has retained the cash reserve ratio (CRR) at 6 per cent.