State Bank of India on Monday announced hike in benchmark lending rate by 1 per cent to 13.75 per cent with effect from tomorrow as a fall out of RBI's tight monetary policy.
"Benchmark prime lending rate is revised from 12.75 per cent to 13.75 per cent," the bank said in its filing on BSE.
The decision by the largest lender was expected but came days after a host of other lenders including HDFC, ICICI Bank, IDBI Bank, Bank of India, Axis Bank, Canara Bank, and Yes Bank announced revisions in interest rates.