During the same week, Prime Lending Rate was increased by private sector lender Yes Bank by 0.5 per cent to 16 per cent and the deposit rates by same percentage points. The bank increased its fixed deposit rate to 9.5 per cent against 9 per cent previously while for senior citizens it was raised to 10 per cent compared to 9.5 per cent earlier.

Jammu & Kashmir Bank also followed suit by revising its PLR by 1 per cent to 14 per cent last week.

However, not all banks have hiked their interest rates. Leading the pack is the country's largest lender SBI, which decided against upward revision of the interest rate.