The benchmark prime lending rate (BPLR) of the Union Bank of India has been raised by 50 points (bps) to reach 13.25 per cent today. The lending rate has also been revised by the Indian Overseas Bank and that indicates an upward hike on the backdrop of hardening of interest rates across the economy. The bank ...

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In a meeting conveyed by Finance minister Pranab Mukerjee, on Saturday, the minister showed optimism in banks refraining from increasing lending rates in-spite of the fact that some public sector banks including SBI indicated probable hikes in lending and deposit rates. Mr. Mukerjee said, “Though there is some tightening of monetary policy by the RBI we do not expect banks to ...

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Under the Prime Minister's Employment Generation Programme (PMEGP), the government asked banks to disburse loans so as to meet its target of financing 59,714 projects in the current fiscal year. The margin money assistance is Rs 836 crore and this should help in generation of employment for 5.97 lakh persons. Since the PMEGP launch in 2008, one lakh projects have been ...

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