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प्रश्न
Distinguish between the following:
Loan & Overdraft
उत्तर
| Basis of Difference | Loan | Overdraft |
| Meaning | In the case of loan, a certain amount is advanced for a specific purpose and a specific period. |
It is a facility given to a current account holder to withdraw amount more than what he/she has in his/her account. |
| Eligibility | Any account holder can get a loan from a bank. |
Only current account holders can enjoy this facility. |
| Rate of interest | Comparatively low interest rate is charged. |
A high interest rate is charged. |
| Duration | It is meant for a long period. |
It is meant for a short period. |
| Amount | The amount given as a loan is high. |
The amount of an overdraft is comparatively smaller. |
| Separate account | Separate account is required. |
Separate account is not required. |
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|
The Monetary Policy Committee (MPC) increased the repo rate, at which the RBI lends short-term funds to commercial banks, from 6.25 percent to 6.50 percent. This increase in the repo rate is based on the increase in the key rate by 250 bps. The Committee also decided to continue the withdrawal of money supply in the economy. |
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