Public sector banking major Bank of Baroda (BoB) today said that it will increase its benchmark prime lending rate (BPLR) by 75 basis points and base rate by 50 basis points from today.
BoB's BPLR will go up from 12.50 per cent to 13.25 per cent and its base rate will go up from 8.50 per cent to 9 per cent.
BPLR or Benchmark Prime Lending Rate is the rate charged by commercial banks to their most credit worthy customers.
Unlike BPLR, base rate factors in a lot of factors such as bank's cost of deposits, operating costs, profit margins and so on.
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