Public sector lenders, Bank of Maharashtra and State Bank of Mysore have announced a rise in lending rates by as much as 25 basis points.
The benchmark prime lending rate (BPLR) has been raised by 25 basis points by Bank of Maharashtra taking the figure to 13.75%.
With this rise, all loans are expected to get dearer by atleast 25 bps for the bank.
Also, State Bank of Mysore, associate bank of the largest lender of the country, State Bank of India has raised base rate by 25 bps taking it to 8.75% from 8.5% earlier. The revised rate would come into effect from today, February 14, 2011.
The recent policy rate hike by Reserve Bank of India triggered the wave of rise in lending as well as deposit rates for banks.