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Dhanlaxmi Bank hiked its base rate to 8.75 per cent from 8.25 per cent and HSBC India to 8.5 per cent from 8 per cent, according to press releases issued by both banks.
Announcing the revised rates, Mr Bipin Kabra, Chief Financial Officer, Dhanlaxmi Bank said: “This hike in base rate reflects tight monetary conditions and is in line with market trends.”
The change in base rate will be applicable to all new loans and existing floating rate loans linked to base rate. In the case of existing fixed rate loans, the change in base rate will be applicable at the reset date, Dhanlaxmi Bank said.
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