ICICI Bank, PNB, Bank of Baroda lift loan rates post RBI rate hike

Following a 50-basis-point rate hike by the Reserve Bank of India (RBI), private lender ICICI Bank and state-owned Punjab National Bank and Bank of Baroda raised lending rates.

On Friday, the RBI’s Monetary Policy Committee raised the repo rate to 5.40 per cent from 4.90 per cent, taking the benchmark policy rate to a three-year high.

Consequently, several banks announced increases in loan rates, which are linked to external benchmarks.

ICICI Bank External Benchmark Lending Rate (I-EBLR) is referenced to RBI policy repo rate with a mark-up over the repo rate. "I-EBLR is 9.10 per cent p.a.p.m. effective August 5, 2022,” a notification