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Our Bureau

Mumbai, Aug. 29

Bank of India has hiked its prime lending rate (PLR) by 25 basis points to 11.5 per cent effective August 29. The bank has also raised deposit rates across various maturities by 25-50 basis points.

Following this increase, all corporate loans linked to the PLR would increase, said the official. However, only a small percentage of housing loans would feel the impact, he said. The bank had last raised its PLR rates about three to four months ago, the official said. The bank also announced plans to raise hybrid capital worth $200 million in the form of upper Tier II bonds, with a greenshoe option of $40 million. These bonds would be listed on the Singapore Stock Exchange. The capital is for the general capital requirements and to meet Basel II Norms, the official said.

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