[Digital Today reporter Ji-young Lee (이지영)] The number of rate-cut request right applications at banks in the first half of this year rose 77 percent from the previous half to 2,679,000. Applications surged after a rate-cut request service via mydata business operators began. Accepted cases totalled 512,000, and interest reductions amounted to 73.43 billion won.

The Korea Federation of Banks said on Aug. 31 it disclosed on its consumer portal website the "First-half 2026 operating results for the banking sector's rate-cut request right".

In the first half of this year, total applications came to 2,679,000, up 77.0 percent from 1,513,000 in the second half of last year. Household-loan applications rose to 2,567,000 from 1,406,000. Corporate-loan applications increased to 112,000 from 108,000.

The Korea Federation of Banks said applications increased as banks promoted the system and a mydata business-operator-based rate-cut request service began on Feb. 26.

Accepted cases also increased. Accepted cases totalled 512,000 in the first half, up 22.5 percent from 418,000 in the second half of last year. Household-loan acceptances rose to 480,000 from 382,000, while corporate-loan acceptances fell to 32,000 from 36,000.

The acceptance rate fell as the increase in applications far outpaced the rise in acceptances. The overall acceptance rate for the banking sector dropped 8.5 percentage points to 19.1 percent in the first half from 27.6 percent in the second half of last year.

Interest reductions totalled 73.43 billion won, up 550 million won, or 0.8 percent, from 72.88 billion won in the second half of last year. Interest reductions on household loans rose 19.4 percent to 40.29 billion won from 33.75 billion won. Corporate loans fell 15.3 percent to 33.14 billion won from 39.13 billion won.

The Korea Federation of Banks cited intensified competition in the corporate-loan market and a dispersal effect from loan refinancing after reductions in early repayment fee rates as factors behind the decline in interest reductions on corporate loans.

A Korea Federation of Banks official said the banking sector plans to expand the foundation to encourage use of the rate-cut request right by companies and self-employed individuals and to improve convenience for individual financial consumers.