The Hindu Business Line : UTI Bank hikes lending rate

Mr R. Asokkumar, President, Corporate Banking, UTI Bank, said, "We are raising our lending rates from 12 per cent to 13 per cent with effect from today."

Asked if increasing rates would discourage businesses from borrowing, Mr Asokkumar said, "There is tremendous demand for credit which has gone beyond our initial estimates and it is getting difficult to meet the requirements. Our funding costs are also going up and this will have to be passed on."

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