diff --git a/dev/bazel/config/config.bzl b/dev/bazel/config/config.bzl
index a67ae9e1fe3..648048c456c 100644
--- a/dev/bazel/config/config.bzl
+++ b/dev/bazel/config/config.bzl
@@ -211,7 +211,7 @@ def _declare_onedal_config_impl(repo_ctx):
             "%{auto_cpu}":         auto_cpu,
             "%{version_major}":    "2023",
             "%{version_minor}":    "2",
-            "%{version_update}":   "0",
+            "%{version_update}":   "1",
             "%{version_build}":    utils.datestamp(repo_ctx),
             "%{version_buildrev}": "work",
             "%{version_status}":   "P",
diff --git a/makefile.ver b/makefile.ver
index 192445bb66d..f12ce54d7b4 100644
--- a/makefile.ver
+++ b/makefile.ver
@@ -16,7 +16,7 @@
 
 MAJOR   =       2023
 MINOR   =       2
-UPDATE  =       0
+UPDATE  =       1
 BUILD   =       $(shell date +'%Y%m%d')
 STATUS  =       P
 BUILDREV ?=     work