Policy Impact: Yes Bank hikes PLR by 50bps

Private lender Yes Bank today announced it will hike its benchmark prime lending rate (BPLR) by 50 bps with effect from tomorrow.

"We are hiking our BPLR from 13.5% to 14% with effect from February 1," Rana Kapoor, MD & CEO, Yes Bank, said here today.

This has been triggered by the Reserve Bank's announcement that it has hiked the repo rate from 7.25% to 7.50%.

Another reason for the move is the increase in provisioning norms, while lending to certain sensitive sectors, Kapoor said.