Foreign lender HSBC India has announced its base rate to 9% which is a 50 bps rise with effect from May 12, 2011.

The benchmark prime lending rate (BPLR) of the bank has also been raised to 16.25% as against 15,75% earlier.

Following this rate hike, all loans are going to see a rise by atleast 50 bps.

The rate hike by banks comes as a followup of the policy rate hike by Reserve Bank of India on May 03, 2011.