Centurion Bank of Punjab to increase PLR from March 1

Mumbai, Feb 21 (UNI) Joining the bandwagon with other banks in the country's post CRR (Cash Reserve Ratio) hike scenario, Centurion Bank of Punjab has indicated that it is set to increase the Prime Lending Rate (PLR) by 100 basis points to 14.50 per cent per annum.

The new lending interest rate will come into effect from March one. The Reserve Bank of India had raised its CRR by 50 basis points for the second time within a couple of months in its bid to contain inflation, forcing the banks to go for PLR hikes.

Managing Director and CEO of the bank, Shailendra Bhandari, said in a release that ''In recent months, we have witnessed a plethora of fiscal and monetary measures from the government and the central bank to control inflation and to address concerns with respect to overheating in certain sectors''. We will however try to pass on benefits to our customers through a higher deposit rate, he said.

UNI