Key Points
The nation's largest lender State Bank of India (SBI) will raise the base rate and Benchmark Prime Lending Rate (BPLR) from Wednesday..
BPLR will be hiked by 70 basis points or 0.7 per cent to 14.85 per cent, effective 15 March, according to the bank's website..
The bank will also hike the base rate by similar basis points to 10.10 per cent, effective Wednesday..
The increase in the benchmark lending rates comes weeks ahead of the Reserve Bank of India's (RBI) monetary policy meeting on 6 April, which is again expected to hike rates to curb inflation, even as global markets lowered rate hike bets from the US next week following the banking crisis..
India's headline and core inflation has been unrelenting, with data post market close on Monday showing annual retail inflation remained above the central bank's upper limit, easing only slightly to 6.44 per cent from January's 6.52 per cent..
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