Yes Bank first to raise rates after RBI's rupee moves

MUMBAI: Yes Bank became the first bank in the country to raise interest rates on loans and fixed deposits in the wake of moves by the Reserve Bank of India to bolster the ailing rupee. 

Mumbai-based Yes Bank, India's fourth largest private sector lender by loans, announced on Wednesday that it will raise the base loan rate by 25 basis points and fixed deposit rates by 25 to 50 basis points, effective Thursday. 

Also on Wednesday, rival Axis Bank raised interest rates on fixed deposits by 50 basis points to 400 basis points across tenors, effective immediately. The bank, the 3rd largest private lender, did not raise loan rates.