Updates:Oriental Bank Of Commerce

Updates:Oriental Bank Of Commerce:The base rate was increased to 8.5 per cent with effect from October 1, said a senior UDF. With the increase in the basic rate of all types of loans, including housing, auto and education loans more expensive by at least 50 basis points (0.5 percent).
Since last week, 11 banks, including ICICI, HDFC, PNB, IDBI Bank and Allahabad Bank raised its base rate by 50 basis points. Deposit rates and, consequently, the cost of funds has increased, necessitating an increase in base rates, the official said.
By guiding RBI, banks should review their base rates every quarter. This is the first review of rates, since it was introduced in July this year. In order to bring in greater transparency, the base rate was introduced as a replacement for Benchmark prime lending rate (BPLR) from 1 July this year.
Yesterday, several banks have announced an increase in base rates, including Bank of Baroda, HDFC Bank and ICICI Bank. Revision of basic rates should move RBI to raise short-term lending (repo) and borrowing (Reverse Repo) rate in September, the monetary survey.