Public sector lender, Bank of Baroda has increased its benchmark prime lending rates (BPLR) by 50 basis points (0.50%). The revised PLR for the bank now stands at 12.50%.

The increased rates have come into effect from 6th August 2010. Banks like IDBI and Corporation Bank have also hiked their lending rates in the recent past.

Deposit rates have also seen a rise for many banks. The rise in these rates comes as a result of policy rate hike by RBI in the monetary policy review.

RBI has hiked repo rate by 25 basis points while reverse repo rate has seen a 50 basis point rise.

Kotak Mahindra Bank, ICICI Bank, Union Bank of India and Punjab National Bank are few of the banks that have raised their deposit rates.