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Bank lending rates rise after RBI’s 25-bps repo rate hike, with PNB, BoI, Indian Bank, BoB and IOB revising repo-linked ratesSeveral banks have raised their repo-linked lending rates within hours of the Reserve Bank of India’s 25-basis-point repo rate hike to 5.50 per cent, increasing borrowing cos…
The Reserve Bank of India increased the repo rate by 25 basis points during its monetary policy meeting. This hike prompted banks like Punjab National Bank and Bank of Baroda to adjust their lending rates.
Hours after the RBI raised the repo rate to 5.50%, several banks moved to increase their lending rates, making loans costlier for borrowers.