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
Weather Update: Under the shadow of Red and Orange Alert, there is a possibility of heavy rain in many states of the country, Delhi and other states
Monsoon is raining in most of the states of the country. Given the heavy rains, the Meteorological Department (IMD) has also issued an alert regarding many states. IMD senior scientist RK Jenamani
Shehnaaz Gill gave a befitting reply to Salman Khan's advice to 'move on', fans were surprised
Kisi Ka Bhai Kisi Ki Jaan: Bollywood superstar Salman Khan is in discussion these days about his upcoming film Kisi Ka Bhai Kisi Ki Jaan. The film is releasing on April 21 on the occasion of Eid. A
Buy this new launch 50-inch smart TV at more than 50% discount, you will get attractive features at a low price
A bumper discount is available on Smart TV on Amazon. There is a discount of 51% on the recently launched iFFALCON 50-inch TVs in the sale. Great deals are also available on recently launched TCL and
Pankaj Udhas Passed Away: Famous ghazal singer Pankaj Udhas is no more, breathed his last at the age of 72.
Famous ghazal singer Pankaj Udhas has passed away. He was ill for a long time. He was 72 years old. He was born on 17 May 1951 in Jetpur, Gujarat. Pankaj Udhas's daughter Nayaab Udhas has confirmed
Kapil Sharma: Kapil Sharma regrets not being able to work in 'Chamkila', said - I cried a lot
The Great Indian Kapil Show is airing on Netflix these days. In the recent episode, Diljit Dosanjh, Parineeti Chopra, and Imtiaz Ali came to promote their film 'Amar Singh Chamkila'. Now the remaining
RO/ARO Paper Leak: Why trust on private printing press despite having a government press? Candidates raised questions
The STF, which is investigating the paper leak case in the Review Officer (RO) / Assistant Review Officer (ARO) Preliminary Examination-2023, has revealed that the paper was leaked from a printing
When Donald Trump became the President, Elon Musk's wealth increased so much that you will not believe that no one in history is so rich!
During the US presidential election, Elon Musk, the owner of SpaceX, Tesla, and social media platform X, was in the news. Tesla CEO Elon Musk spent money like water for Republican Party candidate
Elections in 2025: Assembly elections in Delhi-Bihar and by-elections in six states, how much will the country's politics change in 2025?
Today's morning was special. Leaving behind old memories, we stepped into the new year. While 2024 was spent sometimes in sorrow, and sometimes in happiness, now a lot of good things are expected from
Infosys Q4 Net Profit: Fourth quarter result of Infosys was excellent, net profit increased by 7.8 percent
The fourth quarter of the financial year 2022-23 was excellent for Bengaluru-based IT company Infosys. The company, which competes in the market with companies like Tata Consultancy Services and
India will not tolerate attempts to change LAC: Foreign Minister warns China in Rajya Sabha
Today is the second day of the winter session of Parliament. On the first day of the session, External Affairs Minister S Jaishankar gave a blunt message to China. He said that India will not tolerate
