State Bank of India (SBI), India's biggest lender, is cutting its main lending rate by 75 basis points and will raise $1-$2 billion this year to help tide over tight liquidity conditions, its chairman O P Bhatt said on Thursday. Policy makers around the world have slashed interest rates in recent weeks and injected huge amounts into their banking systems to combat the spillover effects of the global financial crisis.
SBI hiked interest rates on all credit linked to prime lending rates.
http://www.ibnlive.com/news/sbi-hikes-interest-rates-on-home-car-loans/68019-7.html
For a second time in 10 days, SBI has slashed PLR by 0.25 per cent.
http://www.ibnlive.com/news/fresh-rate-cut-by-sbi-to-make-loans-cheaper/59480-15.html
Following ICICI rate hike, HDFC too raised its key lending rates by 75 basis points to 14.25 per cent. Other banks may follow suit.
http://www.ibnlive.com/news/hdfc-hikes-lending-rates-by-75-bps/37535-7.html
The latest PLR hike would not have any implications on home loan interest rates as these are not linked to the benchmark PLR.
http://www.ibnlive.com/news/pnbs-rate-hike-wont-impact-homeloans/29767-7.html
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