Bangalore: Karnataka State Road Transport Corporation on Saturday announced a 10.50 per cent hike in bus fares to mop up an additional Rs 186.72 crore annually, citing the mounting financial burden imposed by hike in diesel prices.

In tandem, Bangalore Metropolitan Transport Corporation also announced a modest fare hike ranging from Re 1 to Rs 3.

The hike would come into affect from midnight, KSRTC and BMTC said in separate statements.