Loan made expensive despite repo rate cuts
Loan Interest Rate Hike: A bad news is coming for people taking loans. The Indian Bank of the public sector has announced to increase the loan interest rates on Monday. This government bank has announced an increase of 0.10 percent in interest rates of retail loans connected to RBI’s repo rate. After this increase, the interest rates of loans taking from Indian Bank will be 9.05 percent. The bank said that the increased interest rates will be applicable from Thursday, 3 April.
Customers taking retail loans will affect
This decision of Indian Bank will directly affect customers taking retail loans. In the information given to the stock market on Monday, Indian Bank said that the bank’s property liability management committee (ALCO) reviewed the marginal cost based interest rate (MCLR) of the fund, Treasury Bill based interest (TBLR), base rate, standard head rate (BPLR) and repo based standard interest (RBLR). The bank has decided to amend TBLR, Base Rate, BPLR and RBLR. This will increase the repo based standard interest rate (RBLR) from the current 8.95 percent to 9.05 percent.
Loan made expensive despite repo rate cuts
Let us tell you that the Reserve Bank of India (RBI) had reduced the repo rate from 6.5 percent to 6.25 percent last month. Despite RBI cutting repo rate, Indian Bank has decided to increase loan interest rates. However, the treasury bill based interest rate for 6 months to 3 -year maturity period has been reduced by 0.05 percent to 6.5 percent. The Chennai -based government bank has also reduced its base rate from 0.05 percent to 9.80 percent.
Indian Bank shares decline a big decline
Today, there is a terrible decline in the stock market. Meanwhile, a major decline in Indian Bank shares is also being recorded. Indian Bank shares were trading at Rs 533.45 at Rs 533.45 at 12.09 pm on Tuesday at BSE. Let us tell you that 52 weeks of Indian Bank shares are Rs 626.35 while its 52 week is Rs 474.05. According to BSE, the current market cap of this government bank is Rs 71,995.22 crore.
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