IOB to increase interest rates of loan below-PLR

Following the widely expected hike of the key rates in the Reserve Bank of India's credit policy meet on April 29, public-sector bank Indian Overseas Bank (IOB) has decided to increase interest rates on new loans given below Benchmark Prime Lending Rate (BPLR) by around 50 basis points.

According to media reports, the Chairman and Managing Director, IOB-S A Bhat expects the RBI to hike the repo rate by 25 basis points on April 29.

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