RBI Grade BNABARD ESISEBI
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Context:
Following the RBI’s 25 basis point repo rate cut to 6% and a shift to an accommodative policy stance, several banks have revised their external benchmark lending rates (EBLRs) to reflect the new monetary policy.
Key Revisions by Major Banksmost asked
- Indian Bank
- New RBLR: 8.70% (from 9.05%)
- Effective Date: April 11
- Punjab National Bank (PNB)
- New RLLR: 8.85% (from 9.10%)
- Effective Date: April 10
- Bank of India
- New RBLR: 8.85% (from 9.10%)
- Effective Date: April 9
Policy Implications
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- The Monetary Policy Committee (MPC) voted unanimously for:
- A rate cut
- A policy shift to accommodative
- Commitment to maintain surplus liquidity
- As per RBI norms, all floating rate loans must be linked to an external benchmark such as the repo rate, ensuring faster transmission of policy changes.
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Impact on Borrowers and Banks
- Borrowers: Can expect lower loan EMIs, especially for housing, auto, and SME loans tied to the repo rate.
- Banks: May see compression in net interest margins (NIMs) due to faster decline in lending rates compared to slower adjustment in deposit costs.
TOI
