More banks hike base rate

Bank of Baroda, ICICI Bank, HDFC Bank and Development Credit Bank on Tuesday hiked their base rates by upto 50 basis points. This comes close on the heels of PNB, IDBI Bank, Allahabad Bank and Axis Bank and a host of other banks increasing their base rates.
ICICI Bank hiked base rate by 25 basis points from 7.50 to 7.75 per cent. The Bank also hiked the interest rates on fixed deposits of various tenors by 25 to 50 basis points, it said in an announcement on the BSE.
Bank of Baroda hiked its base rate by 50 basis points to 8.50 per cent. The public sector bank said it is raising the rate in response to the Reserve Bank of India's sustained monetary tightening and to lower the impact on cost of funds.
HDFC Bank raised its base rate by 25 basis points to 7.50 per cent from 7.25 per cent. Andhra Bank increased the base rate from 8.25 to 8.50%. However, State Bank of India (SBI) is the lone exception. It has retained its base rate at 7.50 per cent.(BL 06.10.2010)