SBI will raise its prime lending rate by 100 basis points from Tuesday.
New Delhi: State Bank of India, the country's top lender, will increase its prime lending rate by 100 basis points to an annual 13.75 per cent, 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 per cent, and will hike the cash reserve ratio on August 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.
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