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The Development Credit Bank announced on Thursday that it would be raising the rates it would offer its best customers as well as the lowest rate it can offer under Reserve Bank of India rules.
An increase in these rates makes it more costly to take a loan.
The base rate, or minimum lending rate, has been increased from 10.5% to 10.85%. The Benchmark Prime Lending Rate or BPLR, or rate at which it lends to its most creditworthy customers, has been raised from 17.75% to 18.1%.
The revised rates will be applicable from September 1, according to an exchange notification.
The bank is a new generation private sector bank which has one hundred branches spread across fifteen states and two union territories, according to its website. It has a presence in Maharashtra, Gujarat, Andhra Pradesh, Karnataka, Delhi/ NCR, Rajasthan, Goa, Tamil Nadu, Haryana, West Bengal and the Union Territories of Daman & Diu and Dadra & Nagar Haveli.
The stock was down 1.01%, and closed at Rs.39.2 at the end of day’s trade on Thursday. It had a revenue of Rs.916.1 crore and a net profit of Rs.102.06 crore in the financial year ending in March 2013.
