Public sector lenders, Indian Bank and Indian Overseas Bank (IOB) have raised their base rates by 50 and 25 bps respectively.
Lending as well as deposit rates have been raised by private sector lender, Karur Vysya Bank by upto 50 bps.
The base rate of the bank has seen a 50 bps rise to 9%.
While Indian bank has brought a 50 bps rise in its base rate taking it to 8.5%, Indian Overseas Bank has hiked it by 25 bps taking it to 8.5%. The step taken by banks will now make loans more costlier for the borrower.
State Bank of Bikaner and Jaipur has however decided to continue with its old base rate of 7.75% till December.
Indian Bank and IOB have also raised their benchmark prime lending rates (BPLR) by 25 bps thus making loans costlier for the existing borrower too.
Axis Bank, Kotak Mahindra Bank and many others have also raised base rates.