Two more private lenders have decided to increase lending rates following similar announcements from ICICI Bank and HDFC Bank on Wednesday. Axis Bank said it had raised its lending rates by 50 basis points. The base rate had been revised to 8.75 per cent, while the benchmark prime lending rate had been increased to 16.5 per cent, a bank official said.
Kotak Mahindra Bank said it would raise its base rate by 50 basis points to 8.75 per cent from March 1. The lender's BPLR will also be increased by 50 basis points to 17.50 per cent.
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