Bank of Baroda hike lending rate by 75 bps
Home, personal and Car loan borrowers will have to shell out more in their EMIs as three more banks, including the second largest state-run lender Bank of Baroda, increased their lending rates by 75 basis points.
The RBI Governor had said after the policy announcement on Tuesday that bankers had told him that they would increase their lending rates following the 50 bps repo hike. Bank of Baroda became the third bank today to increase its base and lending rates by 50 basis points each to 10.75 percent and 15 percent respectively, effective August 1, the bank informed the exchanges.
The bank also revised the rates on some term deposits below Rs 1 crore and on term deposits of Rs 1 crore by a similar amount. The new rate will be applicable from August 1. Earlier in the day, two other public sector lenders, Central Bank of India and IDBI Bank, too had hiked their interest rates by 75 bps in their base rates. While the Mumbai-based Central Bank of India effected a steep 75 bps hike in its base and lending rates to 10.75 and 15 percent percent respectively, IDBI Bank also hiked its base rate and lending rates by 75 bps each to 10.75 percent and 15.25 percent.
Yesterday, the Bangalore-based Canara Bank (50 bps)and the Mumbai-based Bank of India (75 bps) too had upped their base rates. Other lenders which had acted on cue from RBI include the Bangalore-headquartered private sector lender ING Vysya and the Maharashtra-based private lender Ratnakar Bank. This leaves the industry leaders like SBI, ICICI Bank and HDFC Bank still to follow the cues from the central bank..
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