The new base rate is 8.7 per cent and the BPLR has been revised to 17.25%. HDFC Bank, the second largest private one, has raised its minimum lending rate, or base rate, by 50 basis points and the benchmark prime lending rate (BPLR) by 75 basis points. The new base rate is 8.7 per cent and its BPLR has been revised to 17.25 per cent.
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HDFC Bank, the country s second largest private lender, has been growing its advances faster than the banking system for several years now. In an interview with Manojit Saha and Somasroy Chakraborty, Executive Director Paresh Sukthankar says the bank is adequately capitalised to meet the growth targets for at least a couple of years.
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Get ready to shell out more in EMIs as banks have begun to raise rates, including prime lending and base rates. On Tuesday, private sector majors HDFC Bank and ICICI Bank hiked their base rates, indicating a rise in cost of borrowing for customers. ICICI Bank also raised deposit rates for various tenures.
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A suggestion by the Reserve Bank of India that foreign shareholding in new private sector banks be capped at 50 per cent with a lock in of 10 years has led to some consternation among banks in which a majority share is held by overseas investors. The discussion paper has also triggered a debate if the proposal will make it tougher for banks to attract sufficient capital while ensuring that the shareholding is widely spread.
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