Two major private-sector lenders Yes Bank and Axis Bank on Wednesday revised their lending and deposit rates upwards; just a day after the Reserve Bank of India (RBI) maintained the status quo on its key policy rate.

Yes Bank hiked its interest rates on deposits across select tenors by 25 basis points to 50 basis points. It also revised lending base rate upwards by 25 basis points to 10.75 per cent.

Announcing the hikes, YES Bank CFO Rajat Monga said, "This (deposit rate hike) is in line with peers and in sync with the market. So, according to the base rate methodology adopted by the bank, we have also increased base rate."

Monga, however, added that the bank didn't rely on short-term funding, and it would closely follow the central bank's future course of actions.

Axis Bank also announced an increase of up to 225 basis points in deposit rates for select short-term deposit plans. A few days back, HDFC Bank hiked deposit rates across select short term maturity buckets by up to 100 basis points.

However, both Axis Bank and HDFC kept their lending rates unchanged.

The banks increased the rates as the central bank didn't change its key policy rate. It is the central bank's recent liquidity-tightening measures that have impacted the subordinate banks' short-term rates.

Last week, state-run lenders Oriental Bank of Commerce (OBC) and Punjab & Sind Bank had announced increases in short-term deposit rates.