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SBI saddles housing loan customers

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State Bank of India will be the dear one as it has decided to increase interest rates by 50 Bps on total credit which is connected to prime lending prices. State Bank of India Chairman and MD, O P Bhatt said to the www.propertykhazana.com that, “Bank has decided to hike the interest rate by 0.5% on all the loans like housing loans and vehicle loans connected to PLR. The total income of the bank is expected to be affected in the coming Qtr even if there is not much on 1st Qtr profits which end soon. The bank is likely to set sideways for at least USD 10 Billion to give for the reduction in its reserves portfolio as interest rate increase.”
As per to he sources saying @ the www.propertykhazana.com, the modification in PLR appeared after SBI hiked its PLR from 12.5-12.75% following RBIs raising its short-term lending rate to banks and the compulsory cash deposits that banks had to preserve with the Apex Bank (CRR) by 0.5% each.
Mentioning about the effect in bank’s profit limits, Bhatt trusted to keep the total interest limits at 3% this Financial Year. Before, SBI had publicized to increase interest rate on FD rates by 75 Bps from June 30th. SBI in which Govt. has around 60% share is aiming at 40% growth in non-interest income in 2008-09 compared to 28% in the previous Financial Year. Bank had lessened its PLR for 2 times in February to 12.25% but decided to hike by 50 Bps.
Source: NBTVLIVE

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