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State Bank of India hikes deposit rates up to 150 basis points

December 7, 2010 by krishna  
Filed under Newz

State Bank of IndiaState Bank of India

India’s largest lender, the government-run State Bank of India (SBI) Monday hiked its deposit rates by up to 150 basis points, in a move that should encourage deployment of domestic savings in the commercial banking system. The announcement comes soon after Reserve Bank of India Governor Duvvuri Subbarao told banks to raise their deposit rates and bring down their lending rates.