ING Vysya Bank hikes lending rates
By siliconindia   |   Wednesday, 22 June 2011, 23:52 IST
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Bangalore: Private sector lender ING Vysya Bank has announced hike in both its base rate as well as benchmark prime lending rates (BPLR) each by 25 bps. The base rate of the bank now stands at 9.7 percent while the BPLR stands at 18.25 percent, reports rupeetimes. Ing Vysya is the first bank among the lenders the raise to rates following the recent 25bps hike in policy rates by Reserve Bank of India. According to Shailendra Bhandari, MD and CEO, ING Vysya Bank, they are not the first off the block , but the RBI is keen on quick monetary transmission. Speaking on the rate hike, CMD of ICICI Bank, Ms Chanda Kocchar said, "This measure (rate increase) and the prevailing systemic liquidity conditions could lead to an increase in funding costs for banks and in lending rates." S Raman, CMD, Canara Bank, said, "Our bank may increase its base rate by 25 basis points this week."