HDFC Bank hikes lending rate by 0.25%

Private sector lender HDFC Bank on Tuesday raised its base rate or the minimum lending rate by 0.25 per cent to 7.50 per cent.

The hike comes into effect from on Tuesday, the bank said.  The increase follows the tightening of monetary policies by the Reserve Bank to combat inflation.

The lender had hiked its benchmark prime lending rate (BPLR) by 0.5 per cent to 16.25 per cent.  The bank had also raised its deposit rates on select tenures by up to 0.50 per cent late last month.