Yes Bank raises base rate, PLR by 50 bps each

Private sector lender Yes Bank said on Wednesday it has raised its base rate and prime lending rate by 50 basis points each with immediate effect.

May 04, 2011 / 13:04 IST

Private sector lender Yes Bank said on Wednesday it has raised its base rate and prime lending rate by 50 basis points each with immediate effect.

The bank will also offer a higher interest rate of 4% on savings accounts deposits with immediate effect, it added.

While this benefit extended to depositors is expected to increase the cost of funds by less than 1 basis point, the increase in lending rates will enable it to fully absorb the higher costs, it added.

On Tuesday, the Reserve Bank of India raised interest rates by a sharper-than-expected 50 basis points, and said fighting inflation was top priority, even at the expense of short-term growth.

first published: May 4, 2011 12:59 pm

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