Mumbai: The country’s largest lender, State Bank of India (SBI), has increased its prime lending rate or the rate at which it lends to its top borrowers by 100 basis points to 13.75%, effective Tuesday. One basis point is one-hundredth of a percentage point.
This follows the 50 basis points raise in policy rate by the Reserve Bank of India (RBI) in July. RBI also raised banks’ cash reserve ratio (CRR) or the money that commercial banks need to keep with the central bank by 25 basis points last month. SBI is the second government-owned bank to raise lending rate by 100 basis points. Punjab National Bank has raised its prime lending rate by 100 basis points to an annual 14%. Most of the other state-run banks have raised their lending rates by 75 basis points.
Panel clears 10 national highway projects
New Delhi: The public private partnership appraisal committee has cleared 10 national highway projects worth an estimated Rs10,507 crore on Monday. The projects are located in eight states of Maharashtra, Tamil Nadu, Bihar, Kerala, Goa, Andhra Pradesh and Uttar Pradesh and Uttarakhand. The committee has so far approved 65 projects, costing an estimated Rs53,284 crore. These include 56 highway projects, six port projects, two airport projects and one project related to tourism infrastructure. Staff Writer