An Indian bank raised its lending rate by 40 basis points

An Indian bank raised its lending rate by 40 basis points

The said revised lending rate of the bank shall be effective from 9th May 2022 for new customers and from 1st June 2022 for all the existing customers of the bank, it said. A number of banks including ICICI Bank, Punjab National Bank, Bank of Baroda, Central Bank of India, Bank of India, and mortgage lender HDFC Ltd have announced to raise the repo linked lending rate. Banks and financial institutions are on an interest rate hike spree following increase in repo rate and cash reserve ratio (percentage of total deposit of the banks kept with RBI) by 40 basis points and 50 basis points respectively announced by the RBI earlier this week. After an out-of-turn Monetary Policy Committee (MPC) meeting, the Reserve Bank on Wednesday hiked the benchmark repo rate by 0.40 per cent to 4.40 per cent with immediate effect, aimed at taming soaring inflation.

With effect from Monday, the repo linked lending rate of the state-owned Indian Bank has been revised from 4% to 4.40 percent. Following a 0.40 percent hike in the repo rate — the rate at which the Reserve Bank lends short-term money to banks — a number of banks upped their external benchmark based lending rates. “The bank’s Asset Liability Management Committee (ALCO) has evaluated all loans/advances linked to the policy repo rate and changed the lending rate linked to the policy repo rate based on repo from 4% to 4.40 percent,” Indian Bank stated in a regulatory filing.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
At Apple Headquarters Visitor Center, Employees Are Already Using 'Tap to Pay'
At Apple Headquarters Visitor Center, Employees Are Already Using ‘Tap to Pay’
As we detailed earlier, the technology requires an iPhone XS or later device. It works with Apple Pay, of course, but will also support contact-free credit ...
Leaked benchmarks for the Samsung Galaxy Z Flip 4 reveal the use of a new processor
Leaked benchmarks for the Samsung Galaxy Z Flip 4 reveal the use of a new processor
We guess this shouldn’t really have come as a surprise, although in all honesty if the phones had used the Snapdragon 8 Gen 1 it would have been fine. Recent ...
Apple is testing a USB-C iPhone
Apple is testing a USB-C iPhone
The Bloomberg report claims that “a key reason” for Apple making the switch to USB-C is because of the European Union’s decision approved by a majority vote. ...
After all, PS1 games on PS Plus Premium may have trophies
After all, PS1 games on PS Plus Premium may have trophies
Agency intel reports that Syphon Filter will include Trophies when it arrives on the all-new PlayStation Plus. pic.twitter.com/YVdMixZxBR— Bend Studio is ...
LIC Housing Finance Q4 profit rises 180% to Rs 1,118 cr, credit costs fall
LIC Housing Finance Q4 profit rises 180% to Rs 1,118 cr, credit costs fall
However, its net profit for FY22 fell to Rs 2,287.28 crore from Rs 2,734.34 crore in FY21. The company’s board recommended a dividend of Rs 8.5 per share of ...
The Thunderbirds have announced their home games for the next round of the Calder Cup Playoffs
The Thunderbirds have announced their home games for the next round of the Calder Cup Playoffs
The Thunderbirds advanced in the Calder Cup Playoffs over the weekend after beating the Wilkes-Barre/Scranton Penguins 7-6 in Game 3 of their series to sweep ...
There is now $277 million in unallocated bond money in schools
There is now $277 million in unallocated bond money in schools
Guilford County Schools has had $300 million to repair, rebuild, and build schools over the past 18 months. So, how did the school board spend the $300 ...
Apple wins appeal over allegedly defective MacBook Pro screens
Apple wins appeal over allegedly defective MacBook Pro screens
The lawsuit also alleged fraudulent concealment under a common law theory, and violations of deceptive trade statutes in Washington, Florida, New Jersey, ...
Flipkart Pay Later doubles its user base to over 6 million in just 7 months
Flipkart Pay Later doubles its user base to over 6 million in just 7 months
“According to research, the Buy Now Pay Later (BNPL) market will grow 10x over the next five years, surpassing $40 billion by 2026. Interestingly, 45 per ...
Investors Shocked When US Retailers Show Inflation Hitting Consumers
New Zealand government estimates lower deficit for 2021/22
Heavy spending will be targeted towards defence, infrastructure, including new schools, and the country’s health system, which will see more funding for ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo