New Delhi: Following the hike in prime lending rate (PLR) by country's largest lender State Bank of India, Punjab National Bank revised its lending rates from 11.50 per cent per annum to 11.75 per cent per annum.
The increased rate will be applicable from January 1, 2007. The bank sources said that the latest PLR hike would not have any implications on home loan interest rates as these rates are not linked to the benchmark PLR.
The bank had recently increased the interest rate from 11.25 per cent to 11.50 per cent in August this year.
The hike in lending rates has been due to the recent rise in deposit rates and tighter liquidity conditions, says bank sources.
A PNB official said on Friday that although the bank had indicated that it had no immediate plans to hike PLR, the turn of events in the last few days and the need to protect shareholders' interest had prompted it to go in for the PLR hike.
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