Wednesday, June 29, 2011

SBI to raise base rate by 75 bps

State Bank of India (SBI), the country's largest lender, said on Tuesday it will raise its benchmark lending rate, or base rate, by 75 basis points (bps) to 9.25% per annum, with effect from May 12.

The Reserve Bank of India last week raised the repo and reverse repo rate by a larger-than-expected 50 bps to battle stubbornly high inflation.

ICICI Bank, India's second-largest lender, last week raised its benchmark base rate by 50 bps.