Punjab National Bank increases lending rate to 13%
Now taking a loan from PNB will be expensive as it has increased its lending rate from 12.25 per cent to 13 per cent.business Updated: Apr 11, 2007 17:12 IST
India's second largest public sector lender Punjab National Bank (PNB) increases the Benchmark Prime Lending Rate (BPLR) on Wednesday by 75 basis points to 13 per cent.
The PNB informed the Bombay Stock Exchange (BSE) about its decision to increase BPLR from 12.25 per cent to 13 per cent.
The increased BPLR will come into effect from April 16, 2007, the bank told the BSE.
Several other large banks like the State Bank of India (SBI) and ICICI Bank have already increased their lending rates to bridge the credit-deposit mismatch.