A day after the announcement of monetary-tightening measures by the Reserve Bank of India’s (RBI), banks have started taking decision on raising interest rates, affecting the hike for the second time in a month.
Axis Bank, the third-largest private sector lender have decided to be moderate in increasing PLR, it has raised PLR by 50 bps. In a statement, release by the bank said its PLR will increase from 15.25 per cent to 15.75 per cent with effect from today, July 30. Whereas, PNB rate hike will come into effect from August 1.
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