Development Credit Bank has hiked its benchmark prime lending rate. This rate hike is due to the hike in key rates by the Reserve Bank of India. This hike in key rates was taken to control the rising inflation in India.
This bank is a private-sector bank with 80 branches & 18000 ATMs in India. The benchmark prime lending rate has been hiked by 0.75 basis points. Previously the bank’s benchmark prime lending rate was 14.50 per cent. Now after the hike the new rates stands at 15.25 per cent.
The loan will now become costlier. Beside benchmark prime lending rate hike the bank has also hiked the deposit rate.
The new rate hikes will come into effect from 8th July 2008.
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