Wednesday, July 6, 2011

SBI to increase Interest Rates

News Desk: India’s largest bank State Bank of India (SBI) may hike its base rates, as a meeting of asset-liability committee of SBI is likely to be held today or tomorrow.

SBI may also consider to hike he interest rates, as most of the banks had increased their prime lending rate due to hike in the short-term borrowing and lending rates by the Reserve Bank of India (RBI) in June.

The Chairman of SBI, Pratip Chaudhur said that the bank will decide about increasing the base rates.  If the bank hikes the base rate, then the customers need to pay more for the loans.

There are speculations that RBI may bring some changes in the interest rates as it will review monetary policy on July 26.

While, Chaudhur said that he does expect that RBI would again hike the interest rates reviewing its monetary policy this month.

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