Srei BNP Paribas hikes benchmark rate to 18 pc

Infra and construction equipment financing company Srei BNP Paribas today announced a 0.25 per cent hike in its benchmark rate to 18 per cent with immediate effect.

The rate earlier stood at 17.75 per cent.

"With RBI increasing its key rates to manage inflation, it had become imperative to increase our rates to maintain the quality of our portfolio. The tight monetary policy has put pressure on the cost of liquidity," Srei BNP Paribas CEO D K Vyas said.

Srei BNP Paribas had last increased its benchmark rate in August, 2013 by 0.50 per cent.