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New Delhi, Aug. 1 ING Vysya Bank has increased its prime lending rate (PLR) by 50 basis points to 16.25 per cent with effect from August 1. The bank had last raised its PLR from 15.25 to 15.75 per cent from July 1, according to Mr Vaughn Richtor, Managing Director & CEO of the bank. ING Vysya has also increased interest rates on its deposits by 50-100 basis points across various maturities.
“I can’t see interest rates coming down in the short run”, Mr Richtor told reporters here, when asked to comment on the expected interest rate movement in the current economic environment.
Stating that the net interest margin (NIM) of the bank was around 3.08 per cent, he said that the bank was looking to sustain this level in the coming days despite tight market conditions.
New product
Meanwhile, ING Vysya announced the launch of India’s first Formula One sport based financial product—“The ING Formula Savings Account”— a new variant of savings bank account that offers a host of benefits and features.
Mr Uday Sareen, Country Head, Retail Banking of ING Vysya Bank, said that the key features of the Formula savings account were: Internet access showcasing F1 team standings, trivia, quizzes and games; free ING Formula merchandise; chance to win gift vouchers on every F1 race day and pre-generated kits made available to the customers immediately on opening of the account, symbolising the speed of F1.
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