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In December 2021, SBI has increased the benchmark lending rate or base rate by how much per cent?

In December 2021, SBI has increased the benchmark lending rate or base rate by how much per cent? Correct Answer 0.1

The correct answer is 0.1%.

Key Points

  • SBI has increased the benchmark lending rate or base rate by 0.1%
  • With the increase, the revised base rate is 7.55%.
  • The new rate is effective from December 15, 2021.
  • SBI has migrated to External Benchmark Lending Rate (EBLR) linked to repo rate since January 2019.
  • There is no change in the EBLR rate.
  • The bank has also revised the benchmark prime lending rate to 12.3% from 12.2%. 

  • In the December 2021 monetary policy, RBI decided to keep the repo rate unchanged at 4 percent.

Additional Information

  • Base rate is the minimum interest rate at which a bank could lend to its customers who have their loans still under the base rate regime.
  • Recent Initiatives by SBI:
  • State Bank of India (SBI) has inked an agreement with Adani Capital Private Ltd (Adani Capital) for co-lending to farmers for the purchase of tractor and farm implements.
  • SBI invited bids from asset reconstruction companies to sell NPA account KSK Mahanadi Power with dues over 4,100 crores.
  • SBI has signed an agreement with Usha International Limited (UIL) for empowering women entrepreneurs by providing financial assistance.
  • State Bank of India (Chennai circle) has inked an MoU with the Puducherry Cooperative Milk Producers Union (PONLAIT) to provide loans to individual dairy farmers.
  • SBI:
    • Founded - 1 July 1955.
    • Chairperson - Dinesh Kumar Khara.
    • Headquarters - Mumbai.

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