Interest Rates Hiked: While announcing the monetary review on Wednesday, the Reserve Bank of India had announced to increase the repo rate. After this, now five banks have made the loan expensive.

Loan Interest Rates Hiked
While announcing the bi-monthly monetary policy review on Wednesday, the Reserve Bank of India (RBI) has increased the repo rate by 25 basis points. Since then, speculations were being made that the loans would be expensive. Now Punjab National Bank, Bank of India, Indian Bank, IDFC First Bank and Indian Overseas have made the loan costlier. All these banks have announced to increase the interest rate. Since then, loans have become costlier by a quarter of a percent. Significantly, after the announcement of RBI, the repo rate has increased from 6.25% to 6.50%.
Indian Overseas Bank has increased the interest rate on loans to 9.35 percent. This interest rate will be applicable from February 8. Punjab National Bank has increased the repo rate linked lending rate from 6.25 percent to 6.50 percent. This interest rate will be applicable from February 9. Indian Bank has increased the repo benchmark rate from 6.25 percent to 6.50 percent. This interest rate will be applicable from February 9.
This bank increased interest rates on FD
After the declaration of the economic policy, ICICI Bank had extended the hobby rates on fixed deposits ie FDs. ICICI Bank had increased the hobby charge on FD by way of 1.Five percentage. The new hobby charges have come into effect from February 8. The minimum interest charge of the financial institution has emerge as 4.50 percentage and the most hobby charge has end up 7.15 percent. The same interest fee may also practice to senior citizens. However, the new hobby costs might be relevant to constant deposits above Rs 2 crore and less than Rs 5 crore.
Inflation can remain so much
Four out of six participants of the Monetary Policy Committee (MPC) voted in desire of increasing the repo charge. At the identical time, inflation inside the fourth region is envisioned at five.6 percentage. At the identical time, retail inflation is anticipated to be 6.Five percent inside the current economic 12 months. It is predicted to come back right down to 5.3 in line with cent inside the next economic yr. RBI Governor Shaktikanta Das has stated that the GDP price at consistent costs inside the year 2023-24 is estimated to be 6.Four in step with cent. The increase price in the June region is anticipated to be 7.8 percent and the growth rate inside the September zone is expected to be 6.2 percent. The boom price is estimated to be five.8 in the December and March quarters.