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Indian banks hike lending rates following monetary policy tight by RBI

February 1, 2011‐ Mumbai, Maharashtra, India

Reacting to the monetary policy tight move made by the Reserve Bank of India (RBI) last week, at least seven banks in India have announced a hike in their lending rates.

The banks which made the quick reaction include HDFC, Indian Bank, Indian Overseas Bank (IOB), Bank of India (BoI) and Dena Bank which hiked their lending rates. Meanwhile, Bank of Baroda (BoB), Oriental Bank of Commerce (OBC) have announced raising the deposit rates.

Effective tomorrow, a deposit in BoB for a period between 1 year and 443 days will fetch 8.75% while a 444 day deposit will fetch 9.10%.

Only yesterday, Punjab National Bank, Allahabad Bank and Punjab & Sind Bank announced hiking deposit and lending rates.

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