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Home, car loan EMIs to get costlier as RBI hikes repo rate by 25 basis points

RBI's second-consecutive increase in repo rate comes as a bad news for those who have taken loans from banks.

 
 
Paytm Payments Bank has reportedly stopped adding new users on its platform following observations made by the RBI.
The outgoing chairman of Bank of Baroda, Ravi Venkatesan, said that the government needs to ease its grip over the lenders or risk slowly killing off the sector.
The State Bank of India has hiked interest rates on fixed deposits of various tenures with effect from today.
Bank unions are, however, not in favour of the performance-based salary structure. "The demand of the trade unions has been one rank, one pay," AIBOC said.
"After the NDA came to power in 2014, deposits in Swiss banks have been reduced by 80 per cent till the end of 2017," Finance Minister Piyush Goyal said.
 
 
The country's largest lender, the State Bank of India (SBI), yesterday hiked interest rates on fixed deposits of various tenures.
Any increase in repo rate comes as a bad news for those who have borrowed from banks because it is likely to lead to an increase in the interest they pay on loans.
The Department of Financial Services (DFS) had asked the state-owned banks to examine their collective 216 overseas operations to enhance cost-efficiencies.
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