Private sector lender, Development Credit Bank and Kotak Mahindra Bank have announced a hike in their base rate as well as benchmark prime lending rate (BPLR). Both lenders have raised their base rate as well as BPLR by 50 bps each.

DCB's base rate thus stands at 9.5%, while the BPLR is at 16.75%.

The revised rates have come into effect from May 07, 2011.

Kotak Mahindra Bank now has its base rate standing at 9.25%.

The new rates for the bank have come to effect from today, May 10, 2011.