Nation’s biggest bank, State Bank of India has increased its base rate and BPLR (Benchmark Prime Lending Rate) by 75 basis point which was kind of expected after RBI’s rate hike last week.
The SBI bank’s base rate or the minimum lending rate is now 9.25% and the BPLR is now14%.
Comparison of Base Rates
“The increase in lending rates is in line with the policy rate rise by RBI earlier this month, which was aimed at curbing inflation,” said Managing Director and Chief Financial Officer Diwakar Gupta.
After the increase of the rate by RBI last week, several banks have increased their base rates and rates in some of the banks are now in double digits e.g. PNB, UBI, BOI.