The Hindu Business Line : SBI raises PLR by 75 bps

Advertisement

Mumbai Feb. 19 State Bank of India has raised its benchmark prime-lending rate (SBAR) by 75 basis points to 12.25 per cent per annum, effective February 20.

The hike follows the increase in cash reserve ratio by the RBI to 6 per cent.

However, the existing home loans under the priority sector will not be impacted by the interest rate hike.

"Considering the importance of providing cost-effective credit to the important sectors of the economy, the following sectors will be excluded from the impact of the above change in SBAR by appropriate adjustment of spreads above or below SBAR wherever applicable, all existing housing loans under priority sector, existing educational loans, existing and future agricultural production loans less than Rs 3 lakh and new educational loans up to Rs 4 lakh," said a press release by SBI.

More Stories on : Public Sector Banks | Interest Rates | State Bank of India

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Easterlies drive rain in South

We need land, water policies for industrialisation

Volatile construction stocks upset funds' NAVs

DGH disallows ONGC's gas discovery in KG basin

Indian power cos flock to Africa, Middle East

Tata Tea to divest stake in northern operations

Ceat plans to set up truck radial facility

TCS' defence, aerospace designs set for takeoff

Hind Copper to outsource mining to Australian co

Benchmarks lack direction in dull trade

SBI raises PLR by 75 bps

Sub-prime rates moving up

`Punish cos for Clause 49 non-compliance'

Bharti to invest $2.5 b in retail venture by 2015