Public sector lender, Union Bank of India announced the raise of base rate by 50 basis points. The base rate of the bank now stands at 9%.

'The revision is in alignment with the current rate scenario as also the increase in the cost of funds,' Union Bank of India said.

The bank had recently raised its deposit rates as well as benchmark prime lending rate (BPLR).

The move by the lender follows many industry peers like Punjab National Bank, Allahabad Bank, Indian Bank, Bank of India and Indian Overseas Bank and many others.