RBI: Interest rates started increasing even before RBI’s decision, ICICI Bank, PNB and HDFC made loans expensive

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Even before the RBI’s decision to increase rates on August 5, loans have started getting expensive. Three lending banks and one financial institution have increased interest rates. The new rates are effective from August 1. This will make home loan, car loan, personal loan costlier.

RBI may increase the repo rate by 0.35 to 0.50 percent in the meeting to be held between August 3 and 5. After that, once again the banks will start the process of increasing the rates. In the last 3 months, banks have increased interest rates 5-6 times.

HDFC Ltd. increased by 0.25%
HDFC Ltd. has increased the retail prime lending rate by 0.25 per cent to 7.8 per cent. Rates have been increased by 1.15 per cent in five times since April. In May and June, the rates have been increased 2 times.

Punjab National Bank up 0.10 percent
Punjab National Bank (PNB) has increased the MCLR by 0.10 per cent to 7.95 per cent. The one-year rate will be between 7.55 and 7.65 per cent.

Indian Bank: Loans made costlier by 0.10 percent
The bank has increased the one-year MCLR by 0.10 per cent to 7.65 per cent. Other term loans will be in the range of 6.85 to 7.50 per cent.

ICICI loan costlier by 0.10 percent
The bank also increased interest rates by 0.15 per cent. The new rate will be 7.90 per cent. The lowest interest rate will be 7.65 percent.

Telecom industry will invest 2-3 lakh crores in two years
The country’s telecom industry will invest Rs 2 to 3 lakh crore in the next two years. This will happen because of the reforms initiated by the government and the removal of uncertainty and risk and stable investment. This investment will be for fourth and fifth generation technology. This will provide better voice quality and faster data speeds.

He said that the 5G service will start by October and it is believed that the customers will get the services at a lower cost. He said that the services should be affordable. But it will be known when it is launched. This 5G service will help the health sector. It will also help in life saving usage and advanced cloud gaming.

Expansion

Even before the RBI’s decision to increase rates on August 5, loans have started getting expensive. Three lending banks and one financial institution have increased interest rates. The new rates are effective from August 1. This will make home loan, car loan, personal loan costlier.

RBI may increase the repo rate by 0.35 to 0.50 percent in the meeting to be held between August 3 and 5. After that, once again the banks will start the process of increasing the rates. In the last 3 months, banks have increased interest rates 5-6 times.

HDFC Ltd. increased by 0.25%

HDFC Ltd. has increased the retail prime lending rate by 0.25 per cent to 7.8 per cent. Rates have been increased by 1.15 per cent in five times since April. In May and June, the rates have been increased 2 times.

Punjab National Bank up 0.10 percent

Punjab National Bank (PNB) has increased the MCLR by 0.10 per cent to 7.95 per cent. The one-year rate will be between 7.55 and 7.65 per cent.

Indian Bank: Loans made costlier by 0.10 percent

The bank has increased the one-year MCLR by 0.10 per cent to 7.65 per cent. Other term loans will be in the range of 6.85 to 7.50 per cent.

ICICI loan costlier by 0.10 percent

The bank also increased interest rates by 0.15 per cent. The new rate will be 7.90 per cent. The lowest interest rate will be 7.65 percent.

Telecom industry will invest 2-3 lakh crores in two years

The country’s telecom industry will invest Rs 2 to 3 lakh crore in the next two years. This will happen because of the reforms initiated by the government and the removal of uncertainty and risk and stable investment. This investment will be for fourth and fifth generation technology. This will provide better voice quality and faster data speeds.

He said that the 5G service will start by October and it is believed that the customers will get the services at a lower cost. He said that services should be affordable. But it will be known when it is launched. This 5G service will help the health sector. It will also help in life saving usage and advanced cloud gaming.

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