Yes Bank raises base rate, PLR by 50 bps each

Yes Bank raises base rate, PLR by 50 bps each
Private sector lender Yes Bank has increased its base rate and prime lending rate by 50 basis points each, which will be brought into effect immediately. Moreover, the bank will also be giving higher interest rate amounting to 4 per cent on savings accounts deposits, which will come into effect immediately.

As the bankers will now pay a higher interest rate to the depositors, this will increase the cost of funds by less than 1 basis point. However, the rise in the lending rates will completely absorb the increase in the deposit rate.

On Tuesday, the Reserve Bank of India through its monetary policy has increased the interest rate by 50 basis points in order to curb the rising inflation.

At 12:35 PM, on BSE, the stocks of Yes Bank Ltd. were trading with increase of 2.88 per cent at Rs. 290.90. It touched the day"s high at Rs. 291.65 and day"s low at Rs. 280.10 so far.

Read more about: yes bank, bse, nse
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