New Delhi. The Reserve Bank of India (RBI) has taken several important decisions in the monetary review policy meeting. Along with this, the RBI 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. This will increase the debt burden on the people. 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.
PNB and ICICI Bank announced
ICICI Bank and Punjab National Bank (PNB) 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 percent, on which the repo rate went to the highest level of 5.40 percent in 3 years. ICICI Bank said in a notice that ICICI Bank IEBLR is referred to RBI’s policy rate. The bank said, “I-EBLR is 9.10% p.a. payable per month. It will be effective from August 5, 2022.
so much increase
Public sector PNB has also increased the rate. Giving information about this, the bank said, “After increasing the repo rate by RBI, the lending rate (RLLR) related to REPO has also been increased from 7.40% to 7.90% which will be effective 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 at the repo rate itself.
Financial stability in the markets will help
Regarding REPO RATE, SBI Chairman Dinesh Khara said that this step will help bring down inflation and ensure financial stability in the markets. Abheek Barua, Chief Economist, HDFC Bank, 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.
