Karur Bank LOan: Private sector Karur Vysya Bank (KVB) has decided to reduce its base and benchmark prime lending rate (BPLR) to 7.75 and 12.75 per cent. The bank said that it is going to reduce its base rate by 0.25 percent to 7.75 percent. Customers taking loans from Karur Vysya Bank are expected to get a lot of relief from this decision.
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According to Karur Bank, the new rates will be effective from December 15, 2021. The bank said on Thursday that it will reduce its base rate by 0.25 percent to 7.75 percent and BPLR will also be cut by 0.25 percent.
“We have decided to revise the base rate and BPLR of the bank with effect from December 15, 2021,” Karur Vysya Bank said in a stock exchange briefing. Before the introduction of Base Rate, the Benchmark Prime Lending Rate (BPLR) system was in force in India. Base rate is a reference to the minimum rate for all loans and banks are not allowed to lend below the base rate. Banks are required to review the base rate at least once every quarter.
RBI on Wednesday retained its key repo rate at 4 per cent for the 9th time in a row. Repo rate is the rate at which it lends money to banks. Keeping in mind the concerns over the new variant of the corona virus, Omicron, the RBI has not changed the repo rate to boost GDP growth. Along with this, the liberal policy stance has been maintained. The reverse repo has been kept unchanged at 3.35 per cent. The marginal standing facility rate has been retained at 4.25 per cent. The next meeting of the Monetary Policy Committee will be held on February 7-9, 2022.
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