BoB, Kotak Mahindra Bank hike lending rate by 25 bps

Bank of Baroda (BoB) and Kotak Mahindra Bank today announced hiking of lending rates by 25 basis points.

Post hike, the base rate, or the minimum lending rate, of BoB would be 10.25% with effect from today, the lender said in a filing to the Bombay Stock Exchange.

Also the bank's benchmark prime lending rate (BPLR) stands increased to 14.50%, from 14.25%.

Further, BoB also raised rates for short term fixed deposits by 25 basis points. Now deposits up to 270 days will earn an interest of 7.25%.

Kotak Bank has also hiked its base rate by 25 basis points to 9.50% with effect from tomorrow.

The rate hike comes a day after HDFC Bank announced a similar move, while others including country's top two lenders -- State Bank of India and ICICI Bank -- have already raised their lending rates.

Source: Business Standard