In light of persistently high levels of core inflation, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), headed by Governor Shaktikanta Das, increased the repo rate by 25 basis points on Wednesday, bringing it to 6.5 percent.
Since May of the previous year, the Reserve Bank of India (RBI) has implemented a total of six separate hikes in the country’s benchmark interest rate, bringing the grand total of additional basis points to 250. Because of the most recent increase, the rate is now at its present level.
The marginal cost of funds-based loan rates offered by HDFC Bank have also risen by 5 basis points (bps) and are currently offered at 8.65%, up from 8.60% in the past. These rates are applicable to lending terms that last for three months.
The MCLR for a tenor of six months has increased to 8.75% from 8.70%, representing an increase of 5 basis points (bps). The MCLR for one year will now be 8.90%, which is an increase from the previous 8.85%; the MCLR for two years will be 9.00%, which is an increase from the previous 8.95%; and the MCLR for three years will be 9.10%, which is an increase from the previous 9.05%.
In a document submitted to a regulatory agency, Punjab National Bank stated that it has increased the Repo Linked Lending Rate (RLLR) by 25 basis points, taking it from 8.75% to 9%. Starting on Thursday, the new rates will be in effect.
The Marginal Cost of Funds Based Lending Rate (MCLR) charged by Bank of Baroda was raised by 5 basis points across the board for all maturities.
As a result of the most recent adjustment, the MCLR for the overnight tenure has increased from 7.85% to 7.90%. The one-month MCLR has been increased from 8.15 percent to 8.20 percent after the recent increase.
It was said that the MCLR for a one-year tenure increased from 8.5 percent to 8.55 percent, while the MCLR for a three-month tenure increased from 8.25 percent to 8.30 percent.
A rise in the repo rate by the RBI
In light of persistently high levels of core inflation, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), headed by Governor Shaktikanta Das, increased the repo rate by 25 basis points on Wednesday, bringing it to 6.5 percent. Repo Rate, often known as RR, is the interest rate at which India’s central bank loans money to commercial banks or other financial institutions in exchange for government assets. This can be done either publicly or privately.
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Since May of the previous year, the Reserve Bank of India (RBI) has increased the interest rate a total of six times, bringing the total number of basis points added to the rate to 250. Since May of the previous year, the Reserve Bank of India (RBI) has increased the interest rate a total of six times, bringing the total number of basis points added to the rate to 250.
