SBI cuts lending Rate by 90 bps

State Bank of India, Country’s Biggest lender by assets on sunday cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures. overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75% from 8.65%, while three-year loan rates will now be 8.15% from 9.05% previously.

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SBI chairman Arundhati Bhattacharya said there is huge liquidity with banks due to large flow of deposits. “This has driven us to reduce lending rate which will kick-start credit demand and growth,”

State Bank of India – Daily Charts

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