INDIAN BANK HIKES LENDING RATE BY 25 BASIS POINTS

Indian Bank today hiked lending rate for its existing customers by 25 basis points to 13.75 per cent in line with other banks.

The bank has revised its Benchmark Prime Lending Rate (BPLR) from existing rate of 13.5 per cent to 13.75 per cent. This will make all kind of existing loans, including housing and auto loans, expensive by at least 25 basis points.

Banks have been raising interest rates following a 0.25 percentage point hike in short-term lending (repo) and borrowing (reverse repo) rates each announced by the RBI in its third quarterly review of monetary policy.

SOURCE: http://articles.economictimes.indiatimes.com/2011-02-18/news/28615124_1_basis-points-benchmark-prime-lending-rate-percentage-point-hike