Public sector lender, Corporation Bank has increased base rate from 8.25% to 8.90%. The revised rates have come into effect from today, January 3, 2011.
The bank has also revised its benchmark prime lending rate (BPLR) to 13%, a 25 basis point rise.
Other major lenders including State Bank of India have also raised their lending rates. SBI has announced a 40 bps rise in its base rate taking it to 8%.
The lender also raised the benchmark prime lending rate by 25 basis points to 12.75%.
ICICI Bank has announced an increase of 50 bps in the Base Rate with effect from January 3, 2011. HDFC Bank increased its base rate by 25 basis points to 7.75% with effect from January 1, 2011.