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New Interest Rates August 2011: Banks increase loan, deposit rates

NEW DELHI, 27 July 2011: Reserve Bank of India has hiked the repo rate by 0.5 percentage to combat inflation. This is the 11th time in 16 months RBI has hiked the rates. As a results home loans and auto loans will be more costly.

Repo rate is the interest rate which it lends to other banks. Banks are expected to increase its loan and deposit rates accordingly in the following week. However exisiting loans will not be affected by this move.

Indian sharemarkets sank heavily after the news of increase in repo rates.

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