State Bank of India (SBI), the country's largest lender, said on Tuesday it will raise its benchmark lending rate, or base rate, by 75 basis points (bps) to 9.25% per annum, with effect from May 12.
The Reserve Bank of India last week raised the repo and reverse repo rate by a larger-than-expected 50 bps to battle stubbornly high inflation.
ICICI Bank, India's second-largest lender, last week raised its benchmark base rate by 50 bps.
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