Infrastructure and construction equipment financing major, Srei BNP Paribas, announced a hike in its benchmark rate by 50 basis points, from 15 per cent to 15.5 per cent, with immediate effect. After reviewing the trend of rising interest rates, the company’s asset liability management committee has decided to increase its benchmark rate in line with the upward moving interest rates in the domestic market. Srei BNP Paribas had last raised interest rates by 100 basis points in October 2010.
Sunil Kanoria, Joint Managing Director, Srei BNP Paribas, said, “The continuously rising interest rates have forced us to increase our SBR by 50 basis points. We will closely monitor the market rates and will take further step as necessitated by the prevailing interest rate in the market.”
D K Vyas, CEO, Srei BNP Paribas, said, “As a caring organization empowering contractors in the infrastructure space, we will pass on the increase to all existing customers with effect from July 01, 2011.”
Srei BNP Paribas is a 50:50 joint-venture between Srei Infrastructure Finance Ltd and BNP Paribas.