PNB has no plans to increase interest rates: Media Report

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PNB has no plans to increase interest rates: Media Report
State-owned, Punjab National Bank, said it has no plans to increase the interest rates on deposits or on lending, according to media report.

PNB, Chairman and Managing Director, K R Kamath, agreed that there was a demand to increase the interest rates when the foreign exchange market was volatile and exporters had problem, said the media report.

He further added that as the Indian currency steadying itself and rate was between Rs 58.80 and Rs 59 per Dollar, there is need for changing the interest rate either for lending or on deposit.

Supporting the regulator's move, Kamath added that RBI was justified in taking action according to foreign exchange volatility and pointed out that RBI would help banks in case of crisis.

Meanwhile, the bank on Friday reported a 2.3 per cent increase in net profit for the April-June quarter at Rs 1,275 crore (Rs 1,246 crore).

Read more about: punjab national bank
Story first published: Monday, July 29, 2013, 9:23 [IST]
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