RBI hikes interest rate by 50 bps to pre-pandemic level
NEW DELHI: The Reserve Bank of India (RBI) on Friday raised the key interest rate by 50 basis points, the third straight increase since May in an effort to cool stubbornly high inflation and defend the rupee. The repurchase rate was raised by 50 basis points to lift the interest rate to the pre-pandemic level. […]
RBI hikes interest rate by 40 bps to 4.40%
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday increased the benchmark lending rate by 40 basis points (bps) to 4.40 per cent in a bid to contain inflation, which has remained stubbornly above the target zone of 6 per cent for the last three months. The decision follows an unscheduled meeting of the […]
Kotak Mahindra cuts interest rate on home loans by 10 bps
NEW DELHI: Kotak Mahindra Bank (Kotak) on Thursday announced that it has reduced its rate on home loans by a further 10 basis points (bps) to 6.9 percent per annum. The new rate will be effective from October 21. Consumers can avail Kotak’s festive season bonanza, the 2020 edition of ‘Khushi Ka Season’ with home […]
Bank of India introduces repo-based interest rate for select loan products
NEW DELHI: Bank of India (BoI) on Saturday said it has decided to introduce repo-based interest rate for select loan products. Corporation Bank also announced launch of home loans linked with external benchmark. Initially, Bank of India will link housing, vehicle and personal loans to an interest rate based on Reserve Bank’s repo rate, the […]
RBI cuts key interest rate by 0.25 per cent to 6%
MUMBAI: The Reserve Bank of India (RBI) on Thursday cut benchmark interest rate by 0.25 per cent for the second time in a row to bring interest rate to the lowest level in one year on softening inflation. The central bank, however, kept monetary policy stance at ‘neutral’. In the second policy review under Governor […]