Indian Bank raises prime lending rate by 75 bps
State-run Indian Bank said on Tuesday it has revised its benchmark prime lending rate by 75 basis points to 14 percent with retrospective effect from Monday.
However, floating rates on home loans of up to 3 million rupees and educational loans have not been revised, it said in a statement, adding it has also raised deposit rates across maturities.
The central bank raised its benchmark lending rate, the repo, last month by 50 basis points to its highest in seven years at 9.0 percent, and also the cash reserve ratio.
This prompted Housing Development Finance Corp and other top banks including the country's largest lender State Bank of India to raise their respective prime lending rates.
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08-12-2008, 12:59 PM
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