
Business News Desk, Recently, after increasing the repo rate by the Reserve Bank of India (RBI), many government and non-government banks have announced an increase in the interest rate. To control the inflation rate, RBI (RBI Repo Rate Hike) has announced to increase the repo rate by 25 basis points on this Wednesday. After this the repo rate has increased from 6.25% to 6.5%. This has a direct impact on the loans given by the banks to the customers.
Announcement of reduction instead of increasing interest
After the announcement of RBI, the interest rates of home loans, car loans and personal loans given to customers by public and private banks have been increased. But in the meantime there is also a bank which has announced a reduction instead of increasing the interest rate to please the customers. Yes, despite the increase in the repo rate, Canara Bank has reduced the loan interest rate by 0.15 percent.
The rate cut will be effective from February 12.
In the information sent by the bank to the stock market, it was told that it has reduced the loan rate (RLLR) linked to the repo rate. The rate cut will be applicable from February 12. After this deduction, the new RLLR will come down from 9.40 per cent to 9.25 per cent. Earlier, Punjab National Bank (PNB) and Bank of Baroda (BoB) have increased the interest on loans by up to 0.25 percent. PNB has increased the Repo Rate Based Interest Rate (RLLR) by 0.25 percent from 8.75 percent to 9.0 percent. . At the same time, Bank of Baroda has also increased the Marginal Cost Based Interest Rate (MCLR) by 0.05 percent.