SBI announced increase in the base rate by 40 basis points to 8 percent. SBI also raised benchmark prime lending rate by 25 points to 12.75 percent. The new rates would be effective from January 3.
ICICI bank raised the lending rate by 25 basis points to 8.25 percent. The bank also announced an increase in benchmark prime lending rate by 0.25 percent with effect from January 3, 2011.
Besides ICICI, private sector peers like Kotak Mahindra Bank and Dhanlaxmi bank also raised their base rate to upto 75 basis points.