Chennai-based public sector banks do not plan to raise their base rate immediately.
Mr M. Narendra, Chairman and Managing Director, Indian Overseas Bank, told Business Line the bank will take a decision on raising its base rate seeing the move from other public sector players.
The bank's base rate was at 9.5 per cent, while the benchmark prime lending rate was at 13.5 per cent
Indian Bank had raised its base rate to 9.5 per cent from February 1, 2011, and the benchmark prime lending rate to 13.75 per cent from February 18, 2011. The bank does not intend to raise its rates in the next couple of days.