RBI ups savings deposit rate; lending rates to go up now

Banks are most likely to raise their lending rates, following the Reserve Bank of India’s decision to raise savings deposit rate by 50 basis points to 4%. Savings deposits are the cheapest source of funds for any bank, and the RBI move will pinch their net interest margins.

May 03, 2011 / 15:34 IST

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Saikat Das
moneycontrol.com

Banks are most likely to raise their lending rates, following the Reserve Bank of India

first published: May 3, 2011 02:31 pm

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RBI ups savings deposit rate; lending rates to go up now

Banks are most likely to raise their lending rates, following the Reserve Bank of India’s decision to raise savings deposit rate by 50 basis points to 4%. Savings deposits are the cheapest source of funds for any bank, and the RBI move will pinch their net interest margins.

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