The public sector lender, Allahabad Bank has tied up with Piaggio Vehicles Ltd to offer loans for Piaggio vehicles. This is done to boost the bank's commercial vehicle finance portfolio.

Kolkata headquartered, Allahabad bank has signed the memorandum of understanding with Piaggio Vehicles Ltd on Monday. The memorandum of understanding was signed by the General Manager of Retail Credit, Allahabad, Ms. Trishna Guha and Mr. Praveen Nagpal, Vice-President (retail finance & special projects), Piaggio, said a statement from Allahabad Bank.

Last month, Allahabad bank had revised its interest rates on selected fixed deposit schemes having less than Rs 5 crore as deposit amount. The revised interest rate was effective from November 15. The interest rates were increased by 25 to 150 bps for deposits having different maturity periods.