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| Banks on interest hike spree | | | Early Times Reporter
Jammu | June 19
A week after country’s leading private sector bank the Jammu and Kashmir Bank Ltd raised its lending rates, another top player the Punjab National Bank too has decided to revise its interest rates.
While J&K Bank with its operations across the country and many other parts of the world has the largest network in Jammu and Kashmir, the Punjab National Bank too has major presence in this state.
The Punjab National Bank, which comes in the public sector, said it will take a view on revising the interest rates by the end of this month in the wake of hike in the short-term lending rate by quarter percent by the Reserve Bank. The Jammu & Kashmir Bank had revised its PLR by 1 per cent to 14 per cent only last week
"We will take a call on increasing deposit and lending rates by the end of this month. Our ALCO (Asset Liability Committee) would examine," Punjab National Bank Chairman and Managing Director K C Chakrabarty has been quoted as saying.
Following the hike in the repo rate by 0.25 per cent to 8 per cent on June 11 by RBI, some banks raised both the deposit and lending rates. However, the country's largest lender SBI decided against upward revision of the interest rate.
Yesterday, Bangalore-based public sector lender Vijaya Bank hiked deposit rates by 0.3 per cent to 8.8 per cent for maturity between 1-2 years. Even, Bank of Baroda is expected to review the interest rates during the month.
During the week, private sector lender Yes Bank also increased Prime Lending Rate by 0.5 per cent to 16 per cent and the deposit rates by same percentage points. The bank increased its fixed deposit rate to 9.5 per cent against 9 per cent previously while for senior citizens it was raised to 10 per cent compared to 9.5 per cent earlier. |
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