INSUBCONTINENT EXCLUSIVE:
SBI or State Bank of India, the country's largest lender by assets, has reduced its benchmark lending rates by five basis points across
One basis point is equivalent to 0.01 per cent or 1/100th of a per cent
The marginal cost of fund-based lending rate, or the MCLR, will now stand at 8.40 per cent for the one-year tenor, down from 8.45 per cent,
with effect from July 10, 2019, SBI said in a statement
This is SBI's third rate cut in the current financial year
With this MCLR cut, the reduction in the home loan rates since April 10 is 20 basis points, noted SBI.The development comes a day after
Reserve Bank of India Governor Shaktikanta Das said he expects faster transmission of the three successive repo rate cuts.Reserve Bank of
India's Monetary Policy Committee (MPC) had lowered key lending rate or repo rate by 25 basis points or 0.25 per cent to 5.75 per cent in
June, which marked the third straight reduction of 25 basis points in the central bank's bi-monthly policy review
repo rate-linked home loans from July 1
A repo rate-linked home loan means that any changes in the key interest rate by the central bank would be passed on directly to the
customers.SBI has a market share of around 35 per cent in home loans and auto loans, according to the bank.Get Breaking news, live coverage,
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