scorecardresearchInterest Rates Rise: ICICI Bank, PNB hike external benchmark based lending rates

Interest Rates Rise: ICICI Bank, PNB hike external benchmark based lending rates

Updated: 06 Aug 2022, 08:45 AM IST
TL;DR.
The Reserve Bank of India (RBI) increased the key policy repo rate -- at which it lends short-term money to banks -- by a steep 50 basis points or 0.5 per cent to a three-year high of 5.40 per cent to tame high inflation.
A fruit vendor counts Indian rupee notes in Mumbai on May 9, 2022. - The Indian rupee plunged to a fresh all-time low against the US dollar on May 9, as aggressive US monetary policy roiled sentiment and foreign investors continued to dump domestic stocks. (Photo by INDRANIL MUKHERJEE / AFP)

A fruit vendor counts Indian rupee notes in Mumbai on May 9, 2022. - The Indian rupee plunged to a fresh all-time low against the US dollar on May 9, as aggressive US monetary policy roiled sentiment and foreign investors continued to dump domestic stocks. (Photo by INDRANIL MUKHERJEE / AFP)