Dhanlaxmi hikes base rate by 25 bps to 11%

Mumbai: The South-based private lender Dhanlaxmi Bank became the first lender to hike its lending rate following the rate tightening by the Reserve Bank of India last Friday.
The bank hiked its base rate or the minimum rate of lending by 25 basis points to 11 percent, while loans under the older benchmark prime lending rate will be dearer by 50 basis points at 20.75 percent.

"The hike in our base rate and BPLR follows the recent interest rate hike by RBI and reflects the tight monetary conditions," chief financial officer Bipin Kalra said in a

statement issued here.

Other banks such as the largest lender State Bank of India and its public sector peers Bank of Maharashtra and Indian Overseas Bank have said that they would be passing on the latest hike in rates to borrowers in some time.

Posted in: Dhanlaxmi bank