ICICI Bank PNB Loan Costly: The Reserve Bank of India has increased the repo rate for the third time in its review meeting on August 5. The central bank has increased by 0.50 basis points. After this it was expected that now the loans of all banks will become more expensive. At present the repo rate is 5.40%. After the announcement of RBI, two big banks have decided to make their loans expensive.
The country’s largest private sector banks ICICI Bank and Punjab National Bank have decided to increase their lending rates. ICICI Bank has decided to increase its external benchmark lending rate. These rates have come into effect from 5 August 2022. At the same time, after the country’s second largest public sector bank Punjab National Bank’s decision to increase I-EBLR, it has become 9.10%. PNB has decided to increase its RBI-related debt RLLR (Repo Linked Lending Rate). has done. It has increased from 7.40% to 7.90%. These new rates will be applicable from 8 August 2022.
What is External Benchmark?
In the year 2019, the central bank i.e. Reserve Bank of India had decided that any kind of personal loan and retail loan would be linked to the repo rate. The External Benchmark Lending Rate is the lowest interest rate charged on any loan. At present, three types of external benchmark lending rates are running in banks. This includes MCLR, RLLR and EBLR rates.
Repo rate increased 3 times in 94 days
To control the rising inflation, RBI has decided to increase the total repo rate 3 times within 94 days. An increase of 0.90 basis points has been recorded in the first two installments. At the same time, a total increase of 0.50 basis points has been registered in this car. At present, RBI is offering a total repo rate of 5.40 percent. RBI is continuously increasing the repo rate to control the rising inflation in the country.
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