"The Bank has revised the base rate by 50 basis points from 10.25 per cent to 10.75 per cent per year. The revised rate is effective from August 8, 2011, "he said in a regulatory filing.
Most lenders are expected to convey to consumers the recent increase in interest rates by the RBI, July 26 raised interest rates by 50 basis points in the course of the 11 from January 2010 to control inflation.
The redemption rate, the cost of the central bank on short-term lending by commercial banks, erred to 8 percent from 7.5 percent and reverse repo rate or the interest paid on short-term loans amounted to 7 percent from 6.5 percent.
On the Bombay Stock Exchange on the part of the company rose 1.61 percent to trade at Rs 280.10. (INA)