State Bank of India (SBI) cuts lending rate

New Delhi: The State Bank of India (SBI) on Monday announced a 10 basis point cut in the one-year marginal cost of funds-based lending rate (MCLR), effective from December 10. It will bring SBI’s one-year MCLR down to 7.90 percent from 8 percent. The bank claimed it continued to be the cheapest loan provider in the country. The Reserve Bank of India (RBI) earlier this month kept the repo rate at 5.15 percent, barely 40bps higher from the lowest ever. On a cumulative basis, the RBI has slashed lending rates by 135bps since the start of the year. “As against the cumulative reduction in the policy repo rate by 135bps in February-October, transmission to various money and corporate debt market segments ranged from 137bps (overnight call money market) to 218bps (3-month CPs of non-banking finance companies),” RBI said. (IANS)

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