New Delhi: The Reserve Bank of India increased its repo rates after the meeting of the Monetary Policy Committee (MPC). RBI has increased the repo rate by 0.50 percent. Now its effect is also visible.
Another private sector bank and a public sector bank have increased the interest rate of their lending. According to the news received, ICICI Bank has increased the interest rate for lending. Along with this, Punjab National Bank (PNB) has also increased the interest rate for lending.
Let us tell you that the Governor of Reserve Bank (RBI) Shaktikanta Das on Friday announced an increase in the repo rate by 0.50 percent. After this announcement, the repo rate of RBI reached 5.40 percent.
ICICI Bank has issued a notification. In which it said that the External Benchmark Lending Rate (I-EBLR) has been made in accordance with the increased repo rate of RBI. ICICI Bank said that the I-EBLR has now been reduced to 9.10 percent annually or monthly. The new rate has become effective from 5 August 2022.
At the same time, the state-owned bank Punjab National Bank has increased the interest rate for lending related to the repo rate. Because of this, now loans will become expensive. EBLR is the interest rate below which banks do not allow lending.
Punjab National Bank has reduced the external benchmark, Repo Linked Lending Rate (RLLR) to 7.90 percent. PNB said in a regulatory filing that after the increase in the repo rate by the RBI, the repo-linked lending rate has increased from 7.40 percent to 7.90 percent. The new rates will be effective from 8 August 2022.
