Business News This Week
State Bank of India (SBI), the largest bank of India, raised lending rates by 50 basis points to 10 per cent on Thursday. Now the home, auto and corporate loans from the SBI will be costlier.
The hike in the base rate will come into effect from August 13, according to a statement issued by the bank. The bank hiked the benchmark prime lending rate (BPLR) by 50 per cent to 14.75 per cent.
Last month, the Reserve Bank of India had hiked the repo and reverse-repo rate while kept the Cash Reserve Ratio (CRR) unchanged. Since March 2010, the RBI hiked the key interest rates 11 times to tame the soaring headline inflation.
The hike in the base rate will come into effect from August 13, according to a statement issued by the bank. The bank hiked the benchmark prime lending rate (BPLR) by 50 per cent to 14.75 per cent.
Last month, the Reserve Bank of India had hiked the repo and reverse-repo rate while kept the Cash Reserve Ratio (CRR) unchanged. Since March 2010, the RBI hiked the key interest rates 11 times to tame the soaring headline inflation.
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