State-owned Bank of India raises lending rate by 10 basis points to 9.35%, effective April 1.

State-owned Bank of India raises lending rate by 10 basis points, making loans, including retail, more expensive. The increase comes before the Reserve Bank of India's monetary policy announcement on April 5, with the new rate effective from April 1. The bank's mark-up has been increased by 10 bps from 2.75% to 2.85%, raising the repo-based lending rate (RBLR) to 9.35% with the present repo rate of 6.5%.