The State Bank of India (SBI) will hike its benchmark prime lending rate (BPLR) by 70 basis points (bps) or 0.7 per cent to 14.85 per cent from March 15. The current BPLR stands at 14.15 per cent. The country’s largest public lender will also hike base rate by 70 bps from the existing 9.40 per cent to 10.10 per cent. SBI revised its benchmark prime lending rate as well as base rate on December 15, 2022.
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The public lender, however, decided to keep the marginal cost of funds-based lending rates unchanged.
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