Within days of the Reserve Bank increasing short-term policy rates, Punjab National Bank (PNB) announced raising its prime lending rates by 75 basis points to 11.75 per cent, making loans to its existing borrowers dearer.
Other lenders, both in the private and the public sectors, are expected to quickly follow the steps of PNB, which is the first bank to raise lending rates after RBI increased short-term lending and borrowing rates by monetary policy review on July 27.
The public sector lender also announced increasing interest rates on term deposit rates by up to 75 basis points for various maturities.
The bank added that the current increase in BPLR would not adversely impact the customer interest as the new customers will come under the base rate system. Existing borrowers also have an option of switching over to the base rate, which makes the impact of hike in BPLR minimal.
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