Canara bank hikes BPLR, base rate two days after RBI key rates hike

Canara Bank has revised its base rate upward by 50 basis points from 10.25 per cent to 10.75 per cent with effect from August 1.

The Bangalore-headquartered bank has also revised its Benchmark Prime Lending Rate (BPLR) upward by 50 basis points from 14.50 per cent to 15 per cent, it said in a statement on Thursday.

Deposit rates have been revised upward in the range of 25 basis points to 150 basis points for various maturities.

The revision by Canara Bank comes two days after the RBI hiked key short-term lending and borrowing rates by 50 basis points to contain inflation, which is nearing the double-digit mark.