Indian Bank revises repo linked lending rate. EMIs set to increase
PremiumIndian Bank has revised the repo linked lending rate with effect from May 9
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New Delhi: Indian Bank on Saturday said it has revised the repo linked lending rate with effect from May 9. "The Asset Liability Management Committee (ALCO) of the bank has reviewed the lending rate for all loans/advances linked with policy repo rate and revised the lending rate linked with policy repo rate based on repo from 4 per cent to 4.40 per cent," Indian Bank said in a regulatory filing.
The bank 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.
The bank's move comes after 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.
With an aim at taming the rising inflation caused by the global geopolitical situation, the Reserve Bank of India (RBI) on Wednesday announced to hike the benchmark repo rate -- the short term lending rate it charges to banks -- by 0.40 per cent to 4.40 per cent with immediate effect.
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