The decision to hike rates has been taken to address the current inventory crunch, the company said in a statement. Launched in 2006, MY FM is present in 17 Tier II and III cities across seven states.
US nonfarm payrolls increased 215,000 in July, less than the 223,000 rise that economists had expected, although still seen in line with a tightening labour market.
State Bank of India's decision to raise base rates comes on the back of increased costs of funds, its chairperson Arundhati Bhattacharya tells CNBC-TV18 in an interview.