JPMorgan raises prime lending rate after Fed's sharp hike

US bank JPMorgan Chase & Co said on Wednesday it had raised its prime lending rate by 75 basis points to 4.75%, effective Thursday.

The move follows the Federal Reserve's decision to raise its target interest rate by three-quarters of a percentage point, the biggest by the US central bank since 1994, to tame red-hot inflation.

"Expectation is that US central bank could raise rates by 50 bps. Hawkish comments could continue to keep the dollar supported at lower levels. Major crosses remained under pressure following broad gains in the dollar," said Gaurang Somaiya, Forex & & Bullion Analyst, Motilal Oswal Financial Services.

Out of the 171.49 km of drain network, 47.49 km are primary drains, and 124.11 km are secondary.

Although the government initially announced grants only for primary drains, the BBMP insisted that it should also cover the secondary drains pointing out that flood-hit areas like Kendriya Vihar, Jawaharlal Nehru Centre for Advanced Scientific Resear...

The UDD order sets aside Rs 484.88 crore for primary drains and Rs 1,005.12 crore for secondary drains.

The grant will focus the strengthening work in flood-prone areas like HRBR Layout, Veerannapalya, Nayandahalli Junction Near Rachenahalli Lake, LBS Nagar in Yelahanka, Someshwara Layout in Arekere, Anugraha Layout, BEML 5th Stage, Pai Layout, and Vad...

The BBMP will roughly spend Rs 8.7 crore per km of remodelling work.