IDBI Bank hikes lending, deposit rates

With this, the BPLR of the bank now stands at 13.75 per cent with effect from today, IDBI's Chief Financial Officer, R K Bansal said here.     

"We decided to hike our lending rates after most of our peer banks did so. Also, there was an an urgent need to hike the deposit rates given the impact of high inflation rates on customers," Bansal said.     

 

Revision in deposit rates will come into effect from July 4.     

IDBI Bank has revised its rates after many of its peer players including market leaders State Bank and ICICI Bank upped their PLRs after the Reserve Bank hiked its key rates to contain inflation.