INSUBCONTINENT EXCLUSIVE:
introduction of repo-linked retail loans would be effective from October 1.IDBI Bank had earlier said that it would introduce repo
rate-linked home and auto loans with effect from September 10.However, in view of the RBI directive last week, to link all new floating rate
retail loans (personal segments) to external benchmark with effect from October 1, the introduction had been deferred, it said."IDBI Bank on
August 30, 2019 had announced that it would introduce repo rate-linked home and auto loan with effect from September 10, 2019
However, in view of RBI directive issued on September 4, 2019, to link all new floating rate retail loans (personal segments) to external
benchmark with effect from October 1, 2019, the introduction of repo-linked home loan and auto loan has been deferred," it said in a
statement.On September 4, RBI mandated banks to link fresh retail loans to external benchmark
The move is aimed at including fresh retail and MSME loans from October 1 where home, and auto loans will get cheaper.RBI's repo rate is
one such external benchmark.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
