Latest Kannada Business news : The effect of increasing the repo rate, PNB and ICICI Bank gave a shock to the customers, taking loans became expensive

New Delhi. The Reserve Bank of India (RBI) on Friday increased the repo rate by 0.5 per cent to 5.4 per cent to control retail inflation. Now its effect is visible. Private sector banks ICICI Bank and Punjab National Bank have increased the lending rate.

ICICI Bank said in a notification that the ICICI Bank External Benchmark Lending Rate (I-EBLR) has been made in line with the increased repo rate of the Reserve Bank. I-EBLR is 9.10 per cent per annum and payable per month. It will be effective from August 5, 2022.

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PNB hikes RLLR from 7.40 per cent to 7.90 per cent
Public sector Punjab National Bank also informed about the rate hike, saying, “After raising the repo rate by RBI, the Repo Linked Lending Rate (RLLR) has also been increased from 7.40 per cent to 7.90 per cent with effect from August 8, 2022.” will be effective.

RBI hikes repo rate by 0.5 per cent to 5.4 per cent
Significantly, the RBI on Friday increased the repo rate by 0.5 percent to 5.4 percent. Repo rate reached 3-year high. This will increase the monthly installment of the loan. Along with this, the Monetary Policy Committee (MPC) has also decided to focus on withdrawing the soft policy stance. Giving information about the decision taken in the three-day meeting of the MPC, RBI Governor Shaktikanta Das said that the MPC has unanimously decided to increase the repo rate by 0.5 percent to 5.4 percent. He said that the Indian economy is battling high inflation and it is necessary to bring it under control.

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Tags: ICICI bank, Punjab national bank, RBI