Public sector lender, State Bank of Bikaner and Jaipur has raised its base rate to 8% with immediate effect.
The bank's decision comes following the base rate hike by State Bank of India. The bank had earlier announced that its base rate will remain unchanged till December.
The bank has not given any reason for this sudden hike in base rate.
Rise in base rate will now bring a subsequent rise in home, car, personal and other retail loans by atleast 50 basis points.
Benchmark Prime Lending Rate (BPLR) has also been raised by 25 bps by the bank. It now stands at 13%.
The bank has also posted a 48% rise in net profits amounting to Rs 127.52 crore in Q2 of this fiscal.