NEWS
PNB, ICICI Bank raise lending rates on day of RBI’s policy announcement
ICICI Bank and Punjab National Bank have raise their lending rates after the RBI hiked the benchmark interest rate by 0.50% on Friday.
ICICI Bank and Punjab National Bank have raise their lending rates after the RBI hiked the benchmark interest rate by 0.50% on Friday.
Private lender ICICI Bank and state-owned Punjab National Bank (PNB) have raised their lending rates after the Reserve Bank of India (RBI) hiked the benchmark interest rate by 0.50% on Friday.
The key policy repo rate has now hit a three-year high of 5.40% to tame high inflation.
ICICI Bank External Benchmark Lending Rate (I-EBLR) is referenced to RBI policy repo rate with a mark-up over repo rate, ICICI Bank said in a notification.
"I-EBLR is 9.10 per cent p.a.p.m. (per annum payable monthly) effective August 5, 2022," the private sector lender added.
PNB also raised the repo, the external benchmark, linked lending rate to 7.90%.
"Consequent upon an increase in repo rate by RBI, the Repo Linked Lending Rate (RLLR) has been revised from 7.40 per cent to 7.90 per cent with effect from August 8, 2022," PNB said in a regulatory filing.
Earlier this month, ICICI Bank also revised the marginal cost of funds-based lending rate (MCLR) by 0.15% across all tenors ahead of the RBI policy rate announcement.
