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
After the India-China conflict, mobile towers will be installed near the LAC for better connectivity
The government has decided to install more mobile towers along the Line of Actual Control (LAC) i
Meg Lanning-led Delhi Capitals defeated Mumbai Indians in the 12th match of the Women's Premier L
Nubia has launched Red Magic 9 Pro in China only last month. After China, this phone has now been
Big action in NEET-UG paper leak case, CBI detains four students of Patna AIIMS.
As the investigation of the NEET UG paper leak case is progressing, new faces are coming to the f
Weather Update: Relief from humid heat, heavy rain in Delhi-NCR; Know when the monsoon will arrive
Monsoon has knocked in many states of the country. People were in bad condition due to the scorch
World Health Day 2023: Why celebrate World Health Day? Learn its history and this year's theme
World Health Day 2023: WHO (World Health Organization ie World Health Organization) celebrates Ap
There has been a decrease in the cases of corona infection in the country. Corona cases increased
There is a hint of a big upset in Haryana. In the trends so far, the BJP is forming the governmen
World Ayurveda Congress 2022: WHO prepares Allopathy-Ayurveda module, $30 billion global market
Soon two of the world's biggest medical clinics will be seen simultaneously treating patients on
On Tuesday, on the first day of Prime Minister Narendra Modi's US tour, he met Elon Musk, the wor
