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
