SBI to hike its lending and deposit rates

MUMBAI, Aug 16 SBI, the largent lender in the country, said on Monday that it was raising the lending and deposit rates , indicating signalling a tightening policy by the central Bank.
This is the first increase by State Bank of India since RBI's monetary policy was announced in February 2010 raising the level of deposits that commerial banks are required to keep with it..
Simultaneously SBI has also hiked interest rates by 25 points to 150 basis points on different types of maturities on deposits below 10 million rupees, effective Tuesday, the 17th August 2010. This was reported to the Bombay Stock Exchange by SBI..