New Delhi: One of the largest public sector bank in the country, Indian Bank hiked the lending rate. The Indian Bank revised the repo linked lending rate from 4% to 4.40%. The revised lending rate of the bank shall be effective from May 9, 2022 for new customers and from June 1, 2022 for all the existing customers of the bank.
‘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’, said Indian Bank.
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The decision was taken as several banks including ICICI Bank, Punjab National Bank, Bank of Baroda, Central Bank of India, Bank of India, and mortgage lender HDFC Ltd hiked their external benchmark based lending rates. Banks in India took this move as, Reserve Bank of India increased repo rate by 0.40%. Repo rate is the rate at which the Reserve Bank lends short-term money to banks.
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