Following in the footsteps of other lenders, state-owned Punjab & Sind Bank (P&SB) and private lender ING Vysya Bank on Friday raised lending rates by 50-75 basis points.
Banks are increasing interest rates after the Reserve Bank of India (RBI) hiked the repo rate, the rate at which it lends to banks, by 50 basis points and the cash reserve ratio (CRR), the portion of deposits set aside by banks, by 25 basis points, on July 29.