IOB hikes BPLR rates by 50 basis points

CHENNAI: Public sector Indian Overseas Bank has raised Benchmark Prime Lending Rate ( BPLR) by 50 basis points with immediate effect.

The Board of Directors of the Bank at its meeting on December 3 approved the hike in Benchmark Prime Lending Rate by 50 basis points from 15 per cent to 15.50 per cent with immediate effect, Chennai-based Indian Overseas Bank said in a statement today.