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    Bank of India ups its base rate, BPLR by 0.75%

    State-run lender Bank Of India today raised its base rate by 75 basis points in the wake of rate tightening done by the Reserve Bank on Tuesday. The bank hiked its base rate or the minimum rate of lending by 75 basis points to 10.75% with immediate effect, it said in a statement issued here.

    July 28, 2011 / 20:45 IST
       
       
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      State-run lender Bank Of India today raised its base rate by 75 basis points in the wake of rate tightening done by the Reserve Bank on Tuesday. The bank hiked its base rate or the minimum rate of lending by 75 basis points to 10.75% with immediate effect, it said in a statement issued here.


      The bank has also hiked rate on loans under the older BPLR system by a similar 75 basis points to 15%. The RBI had hiked the repo, its short-term lending rate, by a higher-than-expected 50 basis points to 8%, which is bound to transmit into lending rate hikes by banks.


      The bank during its June quarter results had said it would raise rates immediately. The bank's Executive Director N Seshadri had said the bank was lagging by 25 basis points in the base rate as it did not raise its rate the last time but said it was on par with other banks on the deposit rates and was not likely to hike it.

      Following a hefty rate hike by the Reserve Bank, a few private sector banks like Yes Bank, ING Vysya and DCB upped their lending rates by 50 basis points each. More banks are expected to follow suit.

      first published: Jul 28, 2011 07:43 pm

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