Monday, February 19, 2007
banks raise rates
Three state-run Indian banks have raised their lending rates as inflation pressures in the economy grow. Bank of Baroda, Bank of India and Punjab National Bank, all of which are state-run, have raised their prime rates by half a percentage point.Figures released on Thursday showed wholesale inflation rising to 6.73%.
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This may just be the beginning of the rise. Interest rates in India are set to move up further. All major banks are rising their rates - both lending and deposit rates. I have written some pieces on the trend of interest rates, please check.
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