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Corporation Bank raises BPLR by 50 basis pts

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BS Reporter Mumbai

After Punjab National Bank (PNB) and Union Bank of India, Mangalore-based Corporation Bank today hiked its prime lending rate by 50 basis points. “Corporation Bank has revised its benchmark prime lending rate (BPLR) from 12 per cent to 12.50 per cent, with effect from today,” the bank said in a filing to the Bombay Stock Exchange.

State-owned Bank of India today also said the bank would take a call on increasing the BPLR next week. “We are encouraging customers to shift to base rate as the new system is going to stay for long. Earlier, they move, the better it is,” said Alok Mishra, chairman and managing director of Bank of India at an analyst meet. At present, Bank of India’s BPLR is 12.00 per cent. PNB raised its BPLR to 11.75 per cent from 11 per cent with effect from August 1. Union Bank increased it to 12.25 per cent from 11.75 per cent, effective from Wednesday.

 

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First Published: Aug 03 2010 | 12:30 AM IST

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