After India's largest bank SBI, now private sector HDFC Bank has announced a reduction of 0.05% in the benchmark lending rate. This may reduce the burden of EMI on old and new customers taking loans from the bank. Earlier, SBI also cut the external benchmark based lending rate by 0.25 percent. With this, the bank's EBR has come down to 7.80 percent. HDFC Bank has issued a statement saying that the bank has decided to cut the retail prime Lending Rate (RPLR) by 0.05% on residential loans. The new rates will be effective from January 6, 2020.
The bank has said that the new rates can be between 8.20 percent and 9 percent. HDFC Bank has said that all old customers can also benefit from the change in interest rates. Despite the RBI keeping the repo rate unchanged at 5.15 per cent in December, banks have reduced this in interest rates.
RBI Governor Shaktikanta Das said in a media interaction after the announcement of monetary policy on December 5 that the central bank is not in a hurry to reduce interest rates, yet it will ensure that the maximum rate cut Benefits reach customers. It is noteworthy that RBI had cut the interest rate by 1.35 percent last year. During this period, banks cut the interest rate by an average of 0.49 per cent.
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