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ALLAHABAD BANK RAISES BASE RATE BY 50 BPS


Allahabad Bank has raised its lending rates by 50 basis points from August 1, taking a cue from Reserve Bank of India's latest monetary policy signal.

The bank's executive director MR Nayak told ET that its new base will be 10.75% a year. Accordingly, the bank's all floating rate loans which are linked to base rate will be dearer by 50 basis points from next month.

RBI raised policy rates by 50 bps on Tuesday to tame inflation.

Allahabad Bank has also raised the benchmark prime lending rate (BPLR) by same extent to 15%. BPLR is linked to loans and advances sanctioned up to June 30, 2010.

The bank said that its existing customers using BPLR as a benchmark can switch to base rate formula without any penalty.

SOURCE: http://articles.economictimes.indiatimes.com/2011-07-29/news/29829430_1_base-rate-basis-points-lending-rates

Posted by C.B.O.A., A.P.

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