Union Bank of India has revised its base rate and benchmark prime lending rate (BPLR) upwards. Both the rates have been hiked by 50 basis points and will stand at 9.5% and 14.25% respectively. The rate hikes will be effective from tomorrow itself.
The increase comes on the back of the Reserve Bank of India hiking key policy rates on May 4 and is attributed to an increasing cost of deposits. The revision in the rates will impact advances with floating interest rate structures linked to base rate as well as BPLR.
