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Banks including the State Bank of India (SBI) raised loan rates on Friday. SBI's base rate went up by 40 basis points to 8 per cent, and ICICI Bank hiked its base rate and benchmark prime lending rate (BPLR) by 50 basis points to 8.25 per cent and 25 basis points to 17 per cent respectively.
The country's second largest lender also increased its floating reference rate (FRR) by 25 bps for consumer loans (including home loans) to 14 per cent.
HDFC Bank raised its base rate by 25 basis points to 7.75 per cent, effective tomorrow.
Kotak Mahindra Bank raised its base rate and BPLR by 25 bps each; Dhanlaxmi Bank upped its base rate and BPLR by a steeper 75 bps each. Corporation Bank raised its base rate by 65 bps and deposit rates across maturities by between 10 bps and 125 bps.
The hike at ICICI Bank comes within a month of the bank announcing a 50-bps increase in its BPLR to 16.75 per cent. The Floating Reference Rate (FRR) for consumer loans, including home loans, had gone up to 13.75%. SBI had raised its base rate by 10 bps to 8.6 per cent on October 21.
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