This bank surprised its customers by making this shocking announcement

For the third time in a row, the Reserve Bank kept the repo rate at its previous level of 6.5 percent at the monetary review policy. On the other hand, the benchmark lending rate was increased by 0.15 percent by the private sector’s Karur Vysya Bank. The benchmark loan rate now stands at 7.75 percent as a result. It is anticipated that the interest rate will rise due to the bank’s decision. The bank’s customers may be shocked by this.

Karur Vysya Bank – The revised prices go into effect on August 14th.

According to a regulatory filing by Karur Vysya Bank, the new rate will go into effect on August 14. According to the filing, the bank’s external benchmark rate-repo linked (EBR-R) will increase from 9.60% to 9.75%. The Monetary Policy Committee (MPC) has decided to retain the repo rate at 6.50 percent with plans to take action, Reserve Bank Governor Shaktikanta Das stated a day earlier.

Apart from this, he continued

“Monetary transmission is still occurring, and the inflation rate is still above the target of 4%.” The MPC decided to concentrate on withdrawing adjustments to encourage growth while ensuring that inflation gradually converges with the target.

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