Private lender Kotak Mahindra Bank today said that it has revised its base rate upwards by 25 basis points (bps) to 7.75 per cent from the earlier 7.50 per cent.
The bank has also upped its benchmark prime lending rate (BPLR) by 25 bps to 16.25 per cent, a press release issued here stated.
All categories of loans (other than the exceptions permitted by RBI) will henceforth be priced with reference to the revised base rate, the release said.
The Reserve Bank of India guidelines on the base rate system requires banks to review their respective base rates at least once in a quarter.
Base rate is the rate below which banks cannot lend to customers. This regime came into effect from July this year.
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