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SBI Slashes Lending Rates for the First Time in Ten Months
November 02, 2017
India’s largest public sector bank State Bank of India said it will lower the marginal cost-based lending rates (MCLR) across the maturities by 5 bps with effect from today, i.e. 1st Nov, 2017. As per its notification, the new MCLR for 1 year maturities will be 7.95% from the current 8%.
SBI’s move supports the Reserve Bank of India’s efforts to lower the lending rates offered by the banks in the country that aim at increased credit growth and private investment in the economy.
Before today, the last time SBI slashed its lending rates under the MCLR system was in early January.