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PNB to raise rates from Sunday

PNB to raise rates from Sunday
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First Published: Sat, Jul 31 2010. 12 18 PM IST
Updated: Sat, Jul 31 2010. 12 18 PM IST
Mumbai: State-run lender Punjab National Bank (PNB) said on Saturday it would raise its benchmark prime lending rate (BPLR) by 75 basis points (bps) to 11.75% from Sunday.
The lending rate revision by Punjab National Bank comes after the Reserve Bank of India (RBI) on Tuesday raised interest rates more forcefully than expected to tame inflation.
Punjab National Bank said it would also increase its term rates by 25-75 basis points on select deposits with effect from Sunday.
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First Published: Sat, Jul 31 2010. 12 18 PM IST