India’s largest lender State Bank of India (SBI) on 6 November 2013 increased its lending rates by 0.20 percent with effect from 7 November 2013. The bank increased the base rate or the minimum lending rate to 10 per cent from 9.80 percent. The Benchmark Prime Lending Rate (BPLR) was also increased by 0.20 per cent from 14.55 per cent to 14.75 per cent. SBI increased fixed deposit rate by 0.2 per cent on select maturity.
Earlier, RBI had increased short-term lending (repo) rate by 0.25 per cent to 7.75 per cent, making cost of fund expensive for the banks.
SBI had last raised base rate by 0.10 per cent to 9.80 per cent in September 2012.
When: 6 November 2013