Axis Bank hikes lending rates by half percent

July 30th, 2008 - 11:27 pm ICT by IANS  

Mumbai, July 30 (IANS) Private lender Axis Bank Wednesday raised its prime lending rate (PLR) by 50 basis points after the Reserve Bank of India (RBI) outlined strict measures to fight inflation by tightening liquidity. Axis Bank’s announcement was the latest in a series of banks going for PLR hike Wednesday as it revised its rate to 15.75 percent from 15.25 percent.

The new rates would be effective from July 30.

Earlier in the day, Jammu and Kashmir Bank and Punjab National Bank also announced hiking their PLRs respectively by 50 basis points and one percentage point.

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