Punjab National Bank (PNB) today announced 100 basis points increase in lending rate and 75-100 basis points increase in Deposit Rates following the Reserve Bank's decision to increase Repo Rate and Cash Reserve equirement.
Announcing the increase in interest rates, PNB chairman K C Chakravarty said, "The increase in interest rates is aimed at protecting the profitability of the bank. The bank expects to attain a net interest margin of 3.5 per cent this year."
The rate hike is effective from August 1.