Two reputed public sector lenders- Allahabad Bank and State Bank of Travancore (SBT) have decided to raise their lending rates by 50 basis points. SBT has already informed the Bombay Stock Exchange that they have increased the base rate to 9% from 8.5%. Similarly, the bank has also raised their benchmark prime lending rate (BPLR), by 25 basis points, for their present customers. Now it is 13.75%.

Allahabad Bank has also increased the BPLR from 13.5% to 13.75%.