G 24 Hours Digital Bureau: After the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points, banks are also raising interest rates. HDFC Bank announced a hike in interest rates along with the repo rate hike. Now major public sector banks Punjab National Bank (PNB) and Bank of Baroda (BoB) have hiked loan interest by up to 0.25 percent. The move comes after PNB and Bank of Baroda Reserve Bank hiked the repo rate by 0.25 percent.
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The new rates are effective from February 9
In a filing with the PNB stock market, the Repo Rate Based Interest Rate (RLLR) has been hiked by 0.25 percent to 9 percent from 8.75 percent. The new rates are effective from February 9. The RBI on Wednesday hiked the repo rate by 0.25 percent to 6.5 percent to control inflation. BoB hiked marginal cost of funds interest rate (MCLR) by 0.05 percent. Bank of Baroda (BoB) informed the stock market that the new rates will be effective from February 12.
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These are the new rates
With the recent hike, the MCLR for overnight loans has been increased from 7.85 percent to 7.90 percent. MCLR increased to 8.20 percent from 8.15 percent for one month. BoB hiked three-month loan MCLR to 8.30 percent from 8.25 percent. At the same time, the interest on one-year term loan has now been brought down to 8.55 percent instead of 8.50 percent.
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