BoB, Andhra, Union Bank raise base rates

Government owned lenders, Bank of Baroda, Andhra Bank and Union Bank of India on Thursday followed their counterparts by raising their base rate by 50 bps to 9.5 per cent. Most of the government banks, like Punjab National Bank, Allahabad Bank, Oriental Bank of Commerce had raised their benchmark rateby similar magnitude in the last few days.

Private sector lender Kotak Mahindra Bank increased retail deposit rates by 50 bps for some maturities. The peak deposit rate of the bank is now 9.25 per cent for 700 days for deposits up from 9.1 per cent.