Union Bank, Indusind Increase Lending Rates - Aug 07 , 2008

Union Bank of India and IndusInd Bank have increased their prime lending rates by 75 basis points. This will lead to a hike in the interest rates of floating loans. Union Bank of India hiked its benchmark prime lending rate to 14 per cent from 13.25 per cent with effect from August 8. IndusInd Bank hiked its PLR to 17 per cent from 16.25 per cent. In case of IndusInd Bank, all loans except those under the consumer finance division would be impacted by the hike. Other banks and institutions that have increased PLR after RBI''s latest rate hikes include ICICI Bank, HDFC, Punjab National Bank, Axis Bank, IDBI Bank and YES Bank.