Reserve Bank of India’s

By | August 17, 2011

A recent press report said that the Jammu and Kashmir Bank has planned to raise its prime lending rate (PLR). The affect of the hike in the repo rate on the various policies of banks is taking shape. The bank has taken the step after the recent hike in policy rates announced by the Reserve Bank of India.

Reports said that the bank has increased the rate from 13 per cent to 14 per cent following the announcement made by the Reserve Bank of India by 25 basis points. Prime lending rate (PLR) is the interest rate that commercial banks charge their most credit-worthy customers.

Reports also said that the bank has communicated its decision to increase the PLR rate to the BSE. It also said that many of the other public sector and private banks are likely to hike their prime lending rates. The bank is expected to increase the rate for fixed deposits. The RBI has announced to increase the rate in order to squeeze liquidity out of market to check the high rate of inflation. The loan basket of the bank includes home loan, personal loans, vehicle loans, mortgage loan, education loan etc.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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