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  • SBI raises benchmark lending rate by 50 basis points

    Published on August 16, 2010

    State Bank of India, the country’s largest lender, on Monday raised benchmark lending rate by 50 basis points to 12.25 per cent, making home, vehicle and other corporate loans linked with the rate costlier to existing borrowers.

    However, for new borrowers the base rate, which became effective from 1st July this year, stands at 7.5 per cent.

    The state-run lender also increased its fixed deposit rates by up to 150 basis points across various maturities.

    The decision comes days after the Reserve Bank of India increased its key rates to control rising prices.

    “The bank has revised the benchmark prime lending rate upwards by 50 basis points from 11.75 per cent p.a. to 12.25 per cent p.a. effective from 17th August,” SBI said a filing to the Bombay Stock Exchange.