Home loan lender Bank of Baroda increases PLR by 50 bps

Leading home loan lender, Bank of Baroda has hiked its benchmark prime lending rates (BPLR) by 50 bps (0.50%). The new PLR for the bank is 12.50%.

The higher rates are effective from 6th August 2010. Banks such as IDBI and Corporation Bank have also increased their lending rates lately.

Deposit rates have also gone up in many banks. The increase in these rates is due to policy rate increase by RBI in the monetary policy review.

RBI has increased repo rate by 25 basis points while reverse repo rate gone up by 50 basis points.

Other banks like Kotak Mahindra Bank, ICICI Bank, Union Bank of India and Punjab National Bank have increased their deposit rates.