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SEBI Hikes Interest Rates, EMIs, Loans To Be Expensive
The country's largest public sector lender, the State Bank of India (SEBI) has increased the repo & reverse repo rate, making loans expensive for customers. The loan rate with a hike of 50 basis point, after the announcement of the RBI's new repo rate by 0.5% to take it to 5.90%, which came into effect from October 1, making EMIs to get costlier across all loan categories, including home loans.
Tags: SEBI, business, Expensive Loan, RBI, interest rate
Courtesy: NDTV
Photo: DNA India
Govt To Give 8.5% Interest Rate On EPF For FY21: Reports
Making a good announcement ahead of Diwali, the government has decided to keep the interest rate unchanged on employees' provident fund at 8.5% for the financial year 2020-21, said media reports on October 29. Reportedly, the rate will benefit over five crore users of the Employees Provident Fund Organisation (EPFO). Earlier in 2019-20, the rate was reduced to 8.5% from 8.65% for 2018-19.
Tags: EPF, EPFO, Diwali, interest rate, Provident Fund
Courtesy: Press Trust Of India
Photo: The Economic Times
RBI Maintains Status Quo On Repo Rate At 4%
For the seventh consecutive time, the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has kept the benchmark interest rate unchanged at 4%. Reportedly, the "accommodative stance is maintained as the economy is still recovering from the COVID-19 second wave". This move supports growth and keeps inflation in check. Accordingly, the reverse repo rate will remain at 3.35% and annual inflation at 4%.
Tags: RBI, SHAKTIKANTA DAS, monetary policy committee, interest rate, Economy
Courtesy: Press Trust Of India
