New Delhi: State-owned Bank of India (BoI) has announced a hike in lending rate by 10 basis points, a move which will make loans, including retail, expensive. The lending rate increase comes ahead of the monetary policy announcement by the Reserve Bank of India on April 5.
The new rate would be effective from April 1, BoI said in a regulatory filing on Saturday. (Also Read: 'Why Aren't You Going On Holiday?': Boss's Bizarre Question To Fired Employee Goes Viral)
The bank has increased the mark-up by 10 bps from the existing level of 2.75 percent to 2.85 percent, and with the present repo rate of 6.5 percent, the repo-based lending rate (RBLR) will be 9.35 percent, it said. (Also Read: Have You Seen This Interesting Tree At New Delhi Railway Station? Its Price Will Shock You)
Meanwhile, in a separate filing, another public sector lender Indian Bank has hiked the lending rate linked to base rate and Benchmark Prime Lending Rate by 5 basis points.
The new rates are effective from April 3 in the case of the Indian Bank.
