Vijaya Bank raises deposit rates to 8.8%

[N.Sukumar]

BANGALORE: Bangalore-based Vijaya Bank has raised interest rates on
deposits offered with ‘one to less than two years’ maturity by 30
basis points from 8.50% to 8.80%, effective Wednesday.

The revision is with a view to narrowing liquidity gaps under a
specific maturity slab, the bank said in a statement. "Our advances,
like in the previous financial, continue to grow faster than the
industry. This move is with a view to pace up our resource
mobilisation accordingly," said Vijaya Bank CMD Prakash P Mallya.

He said a suitable decision would be taken on lending rates at an
appropriate time after carefully assessing trends in the market and
the policy environment.

Vijaya Bank has fixed June 23, 2008 as the deadline to finalise the
list of beneficiaries under the scheme. The bank said its top
management team, including the chairman and general managers, is
visiting the branches concerned as part of the due-diligence
exercise.

N.Sukumar
Research Analyst