Its effect on the market started showing soon after the RBI hikes the repo rate. RBI on Friday increased the repo rate from 4.9 points to 5.4 points. The very next day, the country's leading private sector bank ICICI Bank decided to increase the interest rates on loans. Apart from ICICI Bank, Punjab National Bank has also announced an increase in the loan rate.
ICICI Bank has issued a notification saying that the bank has increased its external benchmark lending rate (IEBLR) and has made it in line with the repo rate. The bank has said that the IBLR has been increased to 9.10%. The new rates are to be implemented from August 5.
At the same time, the public sector bank Punjab National Bank has also announced a hike in interest rates after increasing the repo rate. Explain that the EBLR rate is the rate below which banks do not give any kind of loan.
Pambaj National Bank has increased the external benchmark, the repo-linked lending rate, to 7.9%. PNB has informed during its regulatory filing that it has increased its repo-linked lending rate by .50 percent to 7.90% percent. PNB has informed us that the new rates will be implemented from August 8.
RBI gave this reasoning behind increasing the repo rate
It is believed that the Reserve Bank has decided to increase the rate in recent days to deal with the rising inflation. Retail inflation in the country has remained above 7%, which is higher than the RBI's estimated level of 6%. The retail inflation rate during the last months is above the level estimated by RBI.
Also Read: RBI: RBI may increase the repo rate by 0.35 percent this month
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