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Despite RBI Slashing Repo Rate, SBI Says Loan Interest Rate Reduction Unlikely
August 07, 2017
When the Reserve Bank of India cut the lending rates by 25 basis points to 6%, it was expected that the move would result in lower interest rates for home loans, auto loans, etc. However, the country’s largest public sector lender SBI has already stated that it won’t cut the lending rates on its part.
State Bank of India chairperson Arundhati Bhattacharya said she doesn’t see much room for lowering the rates any further and believes they are already low enough.
With SBI’s clear stance on lending rates, experts say they can’t rule out the possibility that other lenders could also follow suit.
