One must agree that there’s a reason why banking institutions are labeled the “Licensed Loan Sharks”.
Why?
These institutions are so quick to hike up their BLR rates the moment Central Bank allowed them to do so while they don’t seem to be interested in synchronizing their deposit rates with the increment.
And here we have these major banks announcing to the public- “Not to expect an instanct reaction…”
One of the main reason is that there is more profit to be made from the loans and credit facilities offered by these “loan sharks” compared to the fixed deposit facilities.
No matter how I look at it, the public is always short changed…
While 12-month fixed deposit rates of major banks in the country stand at 3.7%, rates for other tenures at some banks are lower than the OPR, which could be a concern for the public following the petrol price hike and the increase in base lending rates.Some of the major banks have said they would be looking into the matter but the public should not expect an instant reaction to Zeti’s call.
You might want to read these too...
- No related posts.