Punjab National Bank endorses hike

Punjab National Bank (PNB) Saturday confirmed the hike in prime and home lending rates announced earlier.

"The board Saturday endorsed the rate hike announced on Aug 1," PNB chairman cum managing director S.C. Gupta said.

"PNB has from Aug 1 raised home loan rates by 0.5 percent for all repayment tenures except for tenor of 20-25 years where the increase is 0.25 per cent. It has also increased the benchmark prime lending rate (BPLR) by 0.25 percent to 11.5 percent," Gupta who presided over the board meet said.

He told reporters that the PNB had taken board approval on July 31 for increasing lending rates, but decided to re-approve it after the bank received a letter from the union finance ministry.

The finance ministry has told all public sector banks to get their respective board's clearance for any revision in interest rates.

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