Kotak Mahindra Bank founder and non-executive director Uday Kotak on Thursday said the Reserve Bank of India (RBI) is likely to increase its benchmark lending rate or repo rate by another 0.75 per cent as part of the current rate hike cycle, according to news agency PTI.

"We have seen the first move by RBI. I see another 50 to 75 basis points movement up on interest rates," he said in a special video message posted by the group's broking arm.