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Union Bank of India has increased its Benchmark Prime Lending Rate by 25 basis points to 14.5 per cent from 14.25 per cent, with effect from July 25, said a press release from the bank.
Earlier this month, the bank had hiked its Base Rate by 25 basis points from 10 per cent to 10.25 per cent.
At the pre-monetary policy consultation meeting at the Reserve Bank of India, last week, bankers had made a case for a pause in interest rate hikes, by pointing out that the industrial output growth in May was the slowest in nine months.
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