Public sector lender, Union Bank of India has increased its benchmark prime lending rate (BPLR) by as much as 50 bps to 13.75%.

Recently the bank had also raised its base rate by the same amount taking it to 9.5%.

The decision by the bank follows many others including IDBI Bank, Dena Bank, Bank of India, Union Bank of India, Indian Overseas Bank and Syndicate Bank.

The recent policy rate hike by Reserve Bank of India by 25 bps made banks to go for an upper revision in prime lending rates.

The bank has also raised interest rates on fixed deposits by 150 bps across selected maturities.