Allahabad Bank has inched up its base rate by 50 basis points at 8.5 per cent (8 per cent) effective October 1, 2010. The hike in base rate was taken by the bank keeping in view of the changes in interest rate scenario, according to a press statement issued by the bank.
“The cost of funds has increased due to a steady rise in deposit rates The Reserve Bank of India has also given banks signal to hike rates by hiking the short-term lending and borrowing rates recently. So we have decided to inch up our base rates in tandem with the changing interest rate scenario,” said Mr J.P. Dua, Chairman and Managing Director, Allahabad Bank.
United Bank of India would, howeve,r keep its base rate constant at 8.25 per cent for the time being, according to its Executive Director, Mr S.L. Bansal. “We do not have any immediate plans of hiking our base rate,” he said.
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