Money & Banking

Allahabad Bank not to hike lending rates

PTI Mumbai | Updated on July 17, 2013

Public sector lender Allahabad Bank today said it is not going to hike lending rates despite RBI raising rates and tightening liquidity to stem rupee volatility.

The RBI stance would not put any pressure on the funding cost and there is no need for an upward correction of the base rate, the bank said in a statement.

Earlier this week, the RBI made cost of fund expensive by announcing a slew of measures including hiking the lending rates for banks and sucking up of Rs 12,000 crore, to make the currency dearer.

Published on July 17, 2013

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