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RBI may ask lenders to link loans to repo rate

Tuesday, August 20, 2019, 9:10 PM

The Reserve Bank of India (RBI) is considering asking banks to link loans to an external benchmark such as the repo rate to improve transmission of policy rates and foster economic growth, said central bank governor Shaktikanta Das. Currently, banks price their loans based on their marginal cost of funds-based lending rate. RBI cut the repo rate from 5.75% to 5.40% in August.
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Bank of Baroda launches loans linked to repo rate

Monday, August 12, 2019, 11:39 AM

Bank of Baroda announced a new home loan product linked to the RBI repo rate. In doing so, BoB has gone the SBI way. Following the latest Monetary Policy Committee decision to cut rates by 35-basis points, several state-run banks, including Union Bank of India, Allahabad Bank, BoI and Syndicate Bank, have expressed their intention to launch loan products linked to an external benchmark.
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EMIs likely to fall as RBI cuts interest rate by 35 bps

Wednesday, August 7, 2019, 9:04 PM

The RBI cut the benchmark lending rate by 35 basis points to 5.40% amid concerns over slowdown in economy, a move which could lower equated monthly instalments (EMIs) for home and auto buyers, and borrowing cost for corporates. RBI chief Shaktikanta Das said that the central bank will take steps for better transmission of the central bank's rate cut into the financial system.

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