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India’s SBI raises lending rate by 100 bps
Posted by Yogesh on Tuesday, 12 August, 2008
NEW DELHI, Aug 11, SBI the country’s top lender, will increase its prime lending rate by 100 basis points to an annual 13.75 percent, effective Tuesday, it said in a statement on Monday.
The central bank raised its benchmark lending rate, the repo, last month by 50 basis points to its highest in seven years at 9.0 percent, and will hike the cash reserve ratio on Aug. 30.
SBI’s move follows Housing Development Finance Corp. , which raised its prime lending rates at the end of July, and other banks such as ICICI Bank and Punjab National Bank .
Source Reuters
