KOTAK MAHINDRA BANK HIKES BASE RATE BY 0.25 PC TO 8.25 PC

Kotak Mahindra Bank hiked its minimum rate of lending or base rate by 0.25 per cent to 8.25 per cent, in line with peers across the industry.

Many banks, including Union Bank, Punjab National Bank , Bank of India , IDBI Bank , Indian Bank , Indian Overseas Bank , Allahabad Bank , Dena Bank and Standrad Chartered Bank have hiked their base rates in the recent past.

The base rate is the lowest rate below which banks cannot offer loans and was introduced in July to bring in more transparency, replacing the Benchmark Prime Lending Rate (BPLR).

Kotak Mahindra Bank also hiked its BPLR by 0.25 per cent to 17 per cent for the old borrowers.

SOURCE: http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/kotak-mahindra-bank-hikes-base-rate-by-025-pc-to-825-pc/articleshow/7196232.cms