PNB to review interest rate by month-end

"We will take a call on increasing deposit and lending rates by the end of this month. Our ALCO (Asset Liability Committee) would examine," Punjab National Bank Chairman and Managing Director K C Chakrabarty told reporters here.     

Following the hike in the repo rate by 0.25 per cent to 8 per cent on June 11 by RBI, some banks raised both the deposit and lending rates.     

 

However, the country's largest lender SBI decided against upward revision of the interest rate.     

Yesterday, Bangalore-based public sector lender Vijaya Bank hiked deposit rates by 0.3 per cent to 8.8 per cent for maturity between 1-2 years.     

Even, Bank of Baroda is expected to review the interest rates during the month.     
During the week, private sector lender Yes Bank also increased Prime Lending Rate by 0.5 per cent to 16 per cent and the deposit rates by same percentage points.     

The bank increased its fixed deposit rate to 9.5 per cent against 9 per cent previously while for senior citizens it was raised to 10 per cent compared to 9.5 per cent earlier.  
   
Another private sector lender, Jammu & Kashmir Bank revised its PLR by 1 per cent to 14 per cent last week.