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| Dhanlaxmi Bank increases base rate and BPLR by 50 and 100 basis points |
| Announcement / Corporate Aug 01, 2011, 13:45 IST |
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Dhanlaxmi Bank, one of India’s fastest growing mid-size private sector banks has announced an increase in its base rate and Benchmark Prime Lending Rate (BPLR) by 50 and 100 basis points respectively. Effective today, the base rate and the BPLR have been revised to 10.75% p.a. and 20.25% p.a. respectively from the current 10.25 % p.a. and 19.25% p.a.
Announcing the revised rates, Mr. Bipin Kabra, Chief Financial Officer, Dhanlaxmi Bank said, “The hike in our base rate and BPLR reflects tight monetary conditions and is in line with market trends”.
The change in rate will be applicable to all new loans and existing floating rate loans. In the case of existing fixed rate loans, the change in base rate will be applicable at the reset date. Existing borrowers, whose loans are linked to BPLR, have the option to switch to the base rate system before the expiry of existing contracts, on mutually agreed terms. All the new loans sanctioned and existing loans under BPLR which comes for review will be linked to base rate.
In July 2011, the bank had revised its base rate and BPLR by 25 basis points respectively to 10.25% and 19.25%.
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