RBI has recently increased the repo rate. RBI has increased the REPO rate by 0.50 percent i.e. 50 basis points. Which is now going to affect the pockets of the common people. With this, now ICICI Bank and PNB have taken a big step.
ICICI Bank Net Banking
ICICI Bank Net Banking: The Reserve Bank of India (RBI) has taken several major decisions in the meeting of the Monetary Review Policy. Along with this, the Reserve Bank increased the repo rate by 0.50 percent i.e. 50 basis points. It was believed that after this announcement, the burden of EMI on the people would increase. Along with this, ICICI Bank and PNB have increased the lending rate. With this, the debt burden on the people will increase. RBI increased the repo rate by 0.50 percent to 5.40 percent. This is the third increase since May. With the latest increase, the repo rate or short-term lending rate has crossed the pre-pandemic level of 5.15 per cent.
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Announcement of PNB and ICICI Bank
ICICI Bank and Punjab National Bank have also increased the lending rate after the Reserve Bank of India (RBI) increased the standard interest rate by 0.50 percent. The RBI on Friday increased the interest rate by 0.5 per cent, taking the repo rate to a three-year high of 5.40 per cent. ICICI Bank said in a notice that the ICICI Bank I-EBLR is referred to the policy rate of the RBI. The bank said, “I-EBLR is 9.10 per cent per annum and payable per month. It will be effective from August 5, 2022.
Too much increase
Public sector Punjab National Bank has also increased the rate. Giving this information, the bank said, “After raising the repo rate by RBI, the Repo Related Lending Rate (RLLR) has also been increased from 7.40 per cent to 7.90 per cent with effect from August 8, 2022. Along with this, people will have to pay extra money due to increased EMI. Explain that commercial banks borrow from the central bank only at the repo rate.
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Good Financial stability in the markets
Regarding the repo rate, State Bank of India (SBI) Chairman Dinesh Khara said that this move will help bring down inflation and ensure financial stability in the markets. HDFC Bank Chief Economist Abhik Barua termed the policy decision in line with the new global trends. He said the RBI took an aggressive stance on inflation, which still remains high. However, the pace of growth is quite positive.
