After the increase in the repo rate, two big banks have increased the interest rates.
The central bank RBI today (June 8) announced an increase in the repo rate. After the announcement of RBI, today two banks have also decided to increase the lending rate related to repo. Punjab National Bank has increased the rate of loans linked to the repo rate from 6.9 percent to 7.4 percent i.e. there has been an increase of 0.5 percent in the rates. The new rates of PNB will be effective from June 9. At the same time, another big bank Bank of India has also increased the rate of loan related to repo rate by 0.50 percent. Now in Bank of India this rate will be 7.75 percent instead of 7.25 percent. The increased rates in Bank of India have become effective from today.
HDFC Bank has already increased the rates
Banks were already increasing their rates due to the possibility of RBI’s rate hike. A day earlier, HDFC Bank had also taken a decision related to this. HDFC Bank, the country’s largest bank in the private sector, increased the Marginal Cost of Based Lending Rates (MCLRs) by 35 basis points (0.35 per cent) and this increase is for all tenured loans. The increased rates have become effective from June 7. After the increase, now the MCLR of the bank’s loan has become 7.5-8.05 percent. The one-year MCLR is 7.85 per cent while it is 7.2 per cent in SBI and 7.4 per cent in PNB.
Taking loan from HDFC Bank has become expensive, increased interest rates are applicable from today
Repo rate hiked by 0.50 percent
RBI today decided to increase the repo rate by 0.50 percent in the monetary policy meeting to be held every two months. After this hike, the repo rate has increased to 4.90 percent. The repo rate was increased by 40 basis points last month i.e. in May, after which it was 4.40 percent. This means that the repo rate has increased by 0.90 percent in 2 times since May.
RBI hikes interest rates, repo rate increases by 50bps to 4.90%, GDP growth forecast at 7.2% in FY23