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IOB hikes BPLR by 50 basis points

February 9, 2011‐ Mumbai, Maharashtra, India

Indian Overseas Bank has informed the stock exchanges today that the Board of Directors have approved for the increase in the Benchmark Prime Lending Rate (BPLR) of the Bank by 50 basis points from existing 13.25% p.a. to 13.75% p.a. with effect from February 05, 2011.

With this, OBB joins the rest of the Indian banks including IDBI, Dena Bank, Bank of India, Union Bank of India, Indian Overseas Bank, Syndicate Bank, Development Credit Bank, Andhra Bank, SBI (FCNR deposits), Bank of Baroda which have upped their rates recently. This move of the banks is in reaction to the Reserve Bank of India's change in lending and reverse repo rates on January 25, 2011.

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