ICICI Announces Increase of 0.50% in Prime Lending Rates.Business Editors MUMBAI, India--(BUSINESS WIRE)--Sept. 11, 2000 On July 21, 2000 the Reserve Bank of India The Reserve Bank of India (RBI) is the central bank of India, and was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. Since its inception, it has been headquartered in Mumbai. (RBI RBI abbr. Baseball runs batted in Noun 1. rbi - a run that is the result of the batter's performance; "he had more than 100 rbi last season" run batted in ) announced a package of monetary tightening measures aimed at containing the volatility in the foreign exchange market and aligning the rupee RUPEE, comm. law. A denomination of money in Bengal. In the computation of ad valorem duties, it is valued at fifty-five and one half cents. Act of March 2, 1799, s. 61; 1 Story's L. U. S. 627. Vide Foreign coins. 2. interest rates with interest rates in the US markets. The measures included a two stage increase in CRR CRR Cash Reserve Ratio CRR Center for Retirement Research (Boston College) CRR Congestion Revenue Rights (electricity) CRR Center for Reproductive Rights CRR Certified Realtime Reporter (Cash Reserve Ratio) from 8% to 8.5%, bank rate hike from 7% to 8% and a 50% reduction in refinancing available to banks from RBI. As a consequence of the above measures, there has been considerable volatility in the interest rates coupled with tight liquidity conditions. Interest rates have gone up across the maturity spectrum and ICICI's own borrowing costs have also increased across the spectrum. In line with the current market conditions, the three Prime Lending Rates The lowest rate of interest that a financial institution, such as a bank, charges its best customers, usually large corporations, for short-term unsecured loans. The prime lending rate is an economic indicator and is often used as a measuring point for adjusting interest (PLRs) of ICICI ICICI Industrial Credit and Investment Corporation of India (NYSE NYSE See: New York Stock Exchange :IC) have been increased by 0.50%. The revised PLRs of ICICI, effective September 12, 2000 are given below: -
Benchmark Final Maturity of Loans Rate
STPR Variable maturity, with interest rate
to be re-set annually 13.00%
MTPR Greater than 1 year and upto 3 years 13.00%
LTPR Beyond 3 years 13.00%
Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "aim", "will likely result", "believe", "expected", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, future trends in interest rates, future levels of non-performing loans, our growth and expansion, the adequacy of our allowance for credit losses, technological changes, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited with the Securities and Exchange Commission of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . ICICI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. |
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