Public sector lender Bank of India has announced a 75 bps rise in base rate. The base rate of the bank would thus stand at 10.75% with immediate effect.
A hike by similar amount has also been invoked on the benchmark prime lending rate (BPLR) of the bank taking it to 15%.
The rate hike follows the recent hike in repo and reverse repo rates by 50 bps each in the monetary policy review by regulator Reserve Bank of India.
So far Yes Bank, ING Vysya Bank, Canara Bank and Development Credit Bank have raised their lending rates.