Mumbai, June 2 (KNN) Lending majors Punjab National Bank and HDFC have hiked their lending rates by 5 basis points and 15 basis points, respectively.

After the recent hike in Reserve Bank of India (RBI’s) repo rate by 40 basis points banks have increased their interest rates.

Following the announcement on Wednesday the revised rates for the new borrowers will be between 7.05 per cent and 7.50 per cent depending on credit score and loan amount.

Earlier India’s largest public sector bank, State Bank of India (SBI) and Bank of Baroda also hiked their lending rates.

It is likely that the central bank will increase rates once again when it reviews its policy rate next week, to which RBI governor Shaktikanta Das called a “no brainer”. (KNN Bureau)