With the RBI committed to its attempts to curb inflation through interest rate hikes, banks are left with no option but to obey the Central Bank. State Bank of India, in a sweeping move, raised its rates by 75 bps at one go, making loans dearer to the customers.
Udayan Mukherjee of CNBC-TV18 says that even if there is an element of catch-up, this rate hike by SBI should make people sit up and take notice.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
