The Hindu Business Line : Indian Bank raises PLR, home loan rates

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New Delhi Feb. 2 Indian Bank has increased its benchmark prime lending rate (PLR) by 50 basis points to 12.5 per cent from February 1, its Chairman and Managing Director, Dr K.C. Chakrabarty, said.

He also said the bank had increased deposit rates by 25-50 basis points from Thursday.

"Our spread will remain the same even after the increase in PLR and deposit rates," Dr Chakrabarty told reporters at a road show here for the forthcoming initial public offering of the bank.

As on September 30 this year, the deposit base of the bank stood at Rs 48,000 crore and advances stood at Rs 26,000 crore. Indian Bank has also raised home loan rates by 25 basis points across all tenors from February 1.

Dr Chakrabarty said the bank was only responding to the signals of the RBI, which had in its recent quarterly review increased repo rate by 25 basis points.

Indian Bank expects to close the current financial year with net profit of Rs 680 crore.

It had recorded a net profit of Rs 334 crore in the first half of the current fiscal.

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