#RealtyNewsRoundUp: After MCLR Hike, SBI Increases Base Rate By 5 Bps

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After implementing a 20-basis point increase in its marginal cost of funds-based lending rates last month, State Bank of India has hiked its base rate and benchmark prime lending rates (BPLR) , too ─ each by five basis points. In March, the public lender raised the MCLR rates from 7.95 per cent to 8.15 per cent. Now, it has increased its base rate from 8.65 per cent to 8.70 per cent. The hike in base rate means the cost of loan for existing borrowers who have not yet switched to the new lending benchmark is going to increase.

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Construction of national highways in India hit a record 10,000 kilometre (km) in the year ended March 31, after the government stepped up the pace of implementation and awarding contracts. On an average, 27.5 km of highways was constructed every day in FY18, while contracts were awarded for an average 46 km per day. The construction of 10,000 km of national highways last year compares with 8,231 km in FY17 and 4,260 km (11 km per day) in FY14.

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There was a complete breakdown of law and order in Delhi, the Supreme Court said on April 2, expressing anguish over the strikes against the ongoing sealing drive in the national capital. The top court came down heavily on the Centre for its "failure" to do its job. The apex court asked difficult questions to the Centre over the Delhi Laws (Special Provisions) Act, 2006, and subsequent legislation, which protect unauthorised construction from being sealed.

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The Supreme Court has sought response from the Central Bureau of Investigation and the Maharashtra government on a plea of Mumbai-based Adarsh Cooperative Housing Society. The society wants to use Rs 1 crore for maintenance and litigation frozen in its bank accounts. The bank accounts, which the society claimed to have opened to meet litigation cost by the members, were frozen by the CBI during the probe into the 2010 Adarsh scam. The Bombay High Court had earlier ordered demolition of the apartments and sought initiation of criminal proceedings against politicians and bureaucrats for alleged misuse of powers, holding that the tower was illegally constructed.

Source: Media reports