Mumbai, Jul 9: Public sector Union Bank of India today hiked its minimum rate of lending or the base rate by 25 basis points to 10.25 per cent, in line with its peers.
The rate hike, effective July 11, comes within days of other lenders like the country's largest bank State Bank of India and second largest lender ICICI Bank also announcing similar moves following the rate hike by the Reserve Bank.
The RBI has hiked its key rates 10 times since March 2010 to tame the inflation, which stood at 9.06 per cent in May 2011. The last hike of 25 basis points was effected in the mid-quarter announcement of the monetary policy on June 16. PTI
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