Three public sector banks"" Vijaya Bank, Indian Overseas Bank and Oriental Bank of Commerce""yesterday hiked their prime lending rates by 50 basis points each.
With this, five public sector banks and one new private bank have hiked their PLRs in response to the Reserve Bank of India's action of raising bank rate and CRR last month. On Thursday, Dena Bank and Union Bank of India were first among the public sector banks to hike their lending rates.
While the revised PLR of Vijaya Bank and Indian Overseas Bank stands at 12.5 per cent, the PLR of Oriental Bank is at 12 per cent.
Along with its PLR, Vijaya Bank has also hiked the interest rates on both domestic as well as NRE term deposits of different maturities by 50 to 100 basis points.
In case of Oriental Bank, the hike in rate is effective today while IOB and Vijaya Bank hiked the rates with effective from yesterday.
Dena Bank and Union Bank of India on Thursday hiked their PLRs by 50 basis points to 12.50 per cent and 12 per cent. respectively. ICICI Bank hiked its PLR by 50 to 75 basis points across all maturities.
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State Bank of India is yet to take a decision on revising its lending and deposit rates.
SBI chairman G G Vaidya, had stated in a press conference on Thursday that the bank will not take any decision "in haste".
Bank of India chairman and managing director K V Krishnamurthy said that any decision on hiking rates will be taken after taken only if the cost of funds for the bank goes up. He also indicated that the demand-supply position in the market will be an influential factor in order to decide on rate revision.
ends