SBI cuts key lending rate by 0.05 per cent
<p style="text-align: justify;">State Bank of India (SBI) has cut its benchmark lending rate by 0.05 per cent across maturities, effective from Wednesday, according to an announcement by the state-run lender. The reduction in marginal cost of funds based lending rate (MCLR) by the largest Indian ban
Published -
Nov 2, 2017 3:57 AM
State Bank of India (SBI) has cut its benchmark lending rate by 0.05 per cent across maturities, effective from Wednesday, according to an announcement by the state-run lender. The reduction in marginal cost of funds based lending rate (MCLR) by the largest Indian bank, last made on January 1 this year, and has thus brought its MCLR down to 7.95 per cent from 8 per cent, the SBI website said. The MCLR on overnight borrowings has been reduced to 7.70 per cent from 7.75 per cent, while the rate for three-year tenures has been lowered from 8.15 per cent to 8.10 per cent. On Tuesday, another public sector lender, the Kolkata-headquartered Allahabad Bank reduced their MCLR rate by 0.15 per cent across maturities. The reduction has brought down the one-year MCLR to 8.30 per cent, as against 8.45 per cent, effective November 1. At its fourth bi-month monetary policy review here earlier in the month, the Reserve Bank of India kept its key interest rate unchanged at 6 per cent, reiterating its call for better transmission by the banks of earlier rate cuts made by the central bank.
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