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Private sector lender, Karur Vysya Bank today said it has increased its base rate, the minimum lending rate, by 50 basis points (bps) to 10 per cent.
It has also hiked the benchmark prime lending rate (BPLR), lending rate for the existing customer, by 50 basis points to 15 per cent.
The new rates would be effective from February 7, Karur Vysya Bank said in a filing to the Bombay Stock Exchange.
The rate hike is in line with its peers, following key policy rate hike by Reserve Bank last week.
The banking regulator had increased both short term lending (repo) and borrowing (reverse repo) rates by 25 basis points each to tame inflation.
Karur Vysya Bank decision to hike rates follows similar moves by other lenders like Indian Bank, Indian Overseas Bank, Bank of India, Dena Bank and HDFC earlier this week.
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