INVC NEWS
New Delhi : The meeting of the Credit Policy Committee of the Reserve Bank will be held in the month of April. Everyone’s eyes are on what decision will be taken regarding interest rates. But before that, a government bank has given a big shock to the customers. Bank of India has decided to increase the interest rate. So taking loan from bank will become expensive.
The bank has increased its loan rate by 0.10 percent. Therefore, other loans including retail will become expensive. The Reserve Bank is going to announce the monetary policy review on 2024 April 5.
The bank has already increased the interest rate. According to the information given by Bank of India to the stock market on Saturday, the new rates will be applicable from 2024 April 1.
The bank said that the ‘mark up’ has been increased by 0.1 percent. Due to this it has increased from 2.75 percent to 2.85 percent. At present the repo rate is 6.5 percent. In such a situation, the repo based interest rate will be 9.35 percent.
Meanwhile, public sector Indian Bank has also increased interest rates related to base and standard prime loan rates by 0.5 per cent. The new rates will be effective from April 3. Meanwhile, there is little possibility of RBI giving relief to the customers this time too. It is estimated that the bank may keep the repo rate unchanged.
