Indian Bank raises prime lending rate by 75 bps

Indian Bank raises prime lending rate by 75 bps
Comment E-mail Print Share
First Published: Tue, Aug 12 2008. 12 17 PM IST
Updated: Tue, Aug 12 2008. 12 17 PM IST
Reuters
Mumbai: Indian Bank has revised its benchmark prime lending rate by 75 basis points to 14% with retrospective effect from Monday.
However, floating rates on home loans of up to three million rupees and educational loans have not been revised, it said in a statement, adding it has also raised deposit rates across maturities.
The central bank raised its benchmark lending rate, the repo, last month by 50 basis points to its highest in seven years at 9%, and also the cash reserve ratio.
This prompted Housing Development Finance Corporation (HDFC) and other top banks including the country’s largest lender State Bank of India (SBI) to raise their respective prime lending rates.
Comment E-mail Print Share
First Published: Tue, Aug 12 2008. 12 17 PM IST
More Topics: Indian Bank | HDFC | SBI | lending rate | repo |