In the present scenario of northward movement in interest rates, most banks have gone towards increasing their lending rates. Adding to the list are lenders Bank of Baroda and Kotak Mahindra Bank.
Both lenders have raised their lending rates by as much as 25 bps.
The base rate of Bank of Baroda would now stand at 10.25% following revision while that of Kotak Mahindra would be 9.50%.
BoB has also raised its benchmark prime lending rate (BPLR) to 14.50%.
Short term deposits of the bank have also seen a 25 bps hike. Interest rate would now be 7.25% for deposits upto 270 days.