The Bank of India on Wednesday announced that the bank's interest rate on lending would be increased to 9.35 per cent from February 8, 2023. This comes after the Reserve Bank of India announced in the morning that the repo rate has been increased by 25 basis points.
The bank's earlier interest rate on lending was at 9.10 per cent, with 2.85 per cent markup. But now as the repo rate by the RBI is at 6.50 per cent up from its earlier 6.25 per cent the total interest rate on lending including the 2.85 per cent markup would be at 9.35 per cent.
Address by RBI Governor Shaktikanta Das
In his address today, RBI Governor Shaktikanta Das said that the MSF rate would be at 6.75 per cent and the inflation for financial year 2023 is projected at 6.5 per cent. He also announced that travellers from G20 countries will now be able to make payments through UPI.
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The share of Bank of India was at Rs 80.65, up by 3.40 per cent.
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