Private sector lender ING Vysya Bank has announced a hike in its base rate as well as benchmark prime lending rate (BPLR) by as much as 25 bps.
The revised rates have come to effect from October 01, 2011.
The base rate of the bank has been revised to 10.45% while the BPLR has been raised to 19%, both rates receiving a 25 bps hike.
With the rise in prime lending rates, all retail loans of the bank are expected to get costlier by as much as 25 bps.
The rise in lending rates by banks follows the push up in policy rates offered by regulator Reserve Bank of India in the September 16 dated review of the monetary policy.