State Bank of Mysore ups lending rates by 25 bps

State Bank of Mysore, a subsidiary of the country's largest lender SBI, today announced that it will hike its benchmark prime lending rate by 25 basis points to 13.50 per cent with effect from tomorrow.

"...The bank has revised the Bank's Prime Lending Rate (BPLR) upwards by 25 bps from 13.25 per cent per annum to 13.50 per cent per annum with effect from January 6, 2011," State Bank of Mysore informed the Bombay Stock Exchange.

Recently, ICICI Bank had announced an increase of 0.25 per cent in its benchmark prime lending rate (BPLR) and Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from January 3, 2011.

The BPLR is used for determining interest rates on loans and advances sanctioned up to June 30, 2010.

In addition, State Bank of Travancore has also increased its BPLR by 0.25 percentage points to 13.5 per cent with effect from January 3.

Other banks that recently hiked their BPLRs include Kotak Mahindra and Dhanlaxmi Bank.