Vijaya Bank hikes interest rate on deposits

Mumbai, Jun 17; Vijaya Bank, effective from tomorrow, has raised the interest rates on deposits of one to less than two years maturity by 30 basis points. The new rate would be 8.8 per cent, the Bank said in a release here adding that the decision was taken at the asset liability management committee meeting held on June 14.

The bank said in a release that the revision was with a view to narrowing liquidity gaps under specific maturity slab. Commenting on the decision bank Chairman and Managing Director said Prakash P Mallya said, ''Our advances, like in the previous financial, continue to grow faster than the industry and this move is with a view to pace up our resource mobilisation accordingly.'' He said a suitable decision would be taken at an appropriate time after carefully assessing the market trends and the policy environment.

UNI