Corporation Bank hikes prime lending rate by 50 basis points

August 7th, 2008 - 5:31 pm ICT by IANS  

Mumbai, Aug 7 (IANS) Indian public sector bank Corporation Bank revised its benchmark prime lending rate by 50 basis points Thursday in order to cope with the increase in the cost of funds, a bank statement said. The new rate of 14 percent will be effective from August 11.

The Mangalore-based bank, however, said housing loans with sanctioned value of less than Rs.3 million, agricultural loans and educational loans will be kept outside the purview of this rate hike.

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