Chennai, Sep 18 (UNI) The public sector Indian Overseas Bank (IOB)

on Wednesday announced its decision to offer Repo Linked Lending

Rate (RLLR) for the new loans sanctioned under Retail segment

(housing, Vehicle, Education and Clean loans) and Micro and Small

enterprises with effect from October one.

A release frm IOB said the RBI vide its September four notification

advised to link all new floating rate for personal or retail loans

(housing, auto, etc.,) and Micro and Small Enterprises extended by

banks to one of the external benchmarks viz., Repo Rate, 3M or 6M

T-bills yields or any other benchmark published by Financial

Benchmarks Private Limited.

Out of the above three benchmarks, IOB now decided to link interest

rates with Repo Rate for the above segment loans and the details of

rates will be published with effect from October one.

Henceforth, all the new loans under these categories will be offered

with RLLR only, the release said.

UNI GV 1245