The Reserve Bank of India (RBI) suddenly changed the policy rate to control the rising inflation. Thereafter, many banks have increased the Repo Rate Based Interest Rate (EBLR). ICICI Bank has increased it to 8.10 percent and Bank of Baroda has increased it to 6.90 percent.

Bank of India (Bank of Baroda) and Central Bank of India have also announced to increase the interest rate after increasing the repo rate. RBI announced to increase the repo rate by 0.40 percent to 4.40 percent to control inflation. After this the banks have taken this decision.

Due to increase in EBLR, personal loan, vehicle loan and home loan will become costlier for the customers. ICICI Bank said, 'ICICI-EBLR is being changed along with the repo rate. It will now be 8.10 percent. It was implemented from May 4. Public sector Bank of Baroda also changed the interest rate. It was said by the bank that 'BRLLR applicable for retail loans has been reduced to 6.90 percent with effect from May 5, 2022. This includes RBI's 4.40 percent repo rate and 2.50 percent 'markup'. Bank of India has also increased the RBLR to 7.25 percent with effect from May 5, 2022, with the change in the repo rate. The Central Bank has also increased the RBLR by 0.40 percent to 7.25 percent.

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