SBT and Allahabad Bank hikes lending rates

State Bank of Travancore and Allahabad Bank has also announced a hike in the lending rates after most of the leading lenders in the country have already hiked their lending rates.

The State Bank of Travancore has raised the base rates by 50 basis points to 9 percent and the Benchmark Prime Lending rates by 25 basis point to 13.75 percent.

The new lending rates will be effective from 16^th February.

Allahabad Bank has also raised the Benchmark Prime Lending rates by 25 basis points to 13.75 percent. the rates will be applicable from 24^th February.

SBBJ hikes deposit and lending rates

Associate Bank of SBI, State Bank of Bikaner and Jaipur has announced a hike in the deposit rates and the lending rates.

The bank has hiked the deposit rates up by maximum of 75 basis points or 0.75 percent across various maturities and the base rate by 25 basis points or 0.25 percent to 8.75 percent .

The bank has also hiked the benchmark Prime lending rates by 0.25 percent from 13.50 percent to 13.75 percent .

The new rates will be effective from 21st February.

Indian Bank inks deal with TVS Motors

India Bank has signed a Memorandum of Understanding (MoU) with TVS Motors, a leading vehicle manufacturer in the country. According to the agreement, Indian Bank will be the preferred bank to finance the TVS vehicles.

On the occasion the Chairman of Indian Bank T M Bhasin said "The MoU will help to bring three wheeler drivers into structured banking and enhance Bank's collateral free lending."
The bank will provide this service from all the branches present in the country.

The Vice-President (Sales and Service) Three Wheeler division of Tvs Motors, Srinivasan said "Besides Indian Bank we are having tie-up with other public sector undertaking bank .. But this will highly benefit the borrower as they (Indian Bank) offer them to pay about 15 per cent on the on-road price of the vehicle which is comparatively lower."

IDBI and DCB hikes lending rates

IDBI Bank and Development Credit Bank (DCB) have announced a hike in their lending rates. Since, The Reserve Bank of India has announced a hike in the key rates, several lenders including Union Bank , Indian Overseas Bank ,Syndicate Bank and several others have already announced a raise in their lending rates and more banks are expected to hike their lending rates very soon.

IDBI Bank hiked Base Rate by 50 basis points or 0.50 percent to 9.50 percent and BPLR by 0.25 percent to 14 percent whereas DCB hiked both Base Rate and BPLR by 50 basis points to 9 percent and 16.25 percent respectively.

Public sector lender IDBI Bank has also announced a hike in the fixed deposit rates across various maturities.