BusinessState Bank Of India Cuts Lending Rate By 0.9% Across Maturities
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State Bank Of India Cuts Lending Rate By 0.9% Across Maturities
SBI had cut its lending rates after experiencing a surge in deposits
3-year loan rates will now be 8.15 per cent from 9.05 per cent previously
MCLR fell to 7.75 per cent from 8.65 per cent
SBI had cut its lending rates for maturities ranging from overnight to three-year tenures.
Mumbai: State Bank of India, the country's biggest lender by assets, said on Sunday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits.
After the move, its so-called overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75 per cent from 8.65 per cent, while three-year loan rates will now be 8.15 per cent from 9.05 per cent...