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Saturday, August 24, 2013

Lakshmi Vilas Bank hikes lending rates by 25 bps

Lakshmi Vilas Bank has increased its base rate or the minimum lending rate by 25 basis points (bps) to 11.25 per cent (from 11 per cent).

The private sector bank also hiked its fixed deposit rates from 75 up to 275 bps in select maturities ranging from 15 days to 270 days period.

The revised rates will take effect from August 26, 2013.

RBI's tight liquidity and high interest rate in the shorter end of the rate curve needs suitable adjustment in deposit rates and to align with shift of operating policy rate from Reverse Repo to MSF rate,” said Moses Harding, Executive Director of the bank.

It is also expected that high interest rate regime is there to stay till rupee settles down in its comfort zone and there is clarity on US Fed's stance of quantitative easing, he said.

Source: thehindubusinessline


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