More banks to hike lending rates this week

In the wake of tight monetary policy announced by Reserve Bank more banks are planning to hike their interest rates in this week. More than half a dozen banks have already hiked their lending rates and atleast four banks are likely to raise their rates. Leading lenders like Bank of Baroda, Bank of India and Union Bank could be among the public sector banks that are set to hike their rates by 0.5-0.75 per cent.