Following the footsteps of leading lenders like the State bank of India and PNB, another Public sector lender Oriental Bank of Commerce (OBC) has increased its prime lending rate (PLR) by 50 basis points from 13.25 per cent to 13.75 per cent, in order to maintain its margin.      

The lending rate revision would lead to increase in PLR-related lendings like floating home loan, corporate loan, car loan etc. Besides, the bank has also revised deposits rates up to 50 basis points for some maturities. The new rates would be effective from July 15.      

In addition, OBC also launched special deposit scheme, which offers to pay 9.55 per cent and 10.05 per cent for the senior citizens. The scheme called Oriental Bank Akshay Kiran Deposit Scheme is for 500 days.      

The move followed a RBI move to raise short-term lending rate (repo rates) and mandatory bank deposits with the central bank (CRR) by 50 basis points each to check rising inflation.