INSUBCONTINENT EXCLUSIVE:
SBI cut its lending rates by 75 bps hours after the RBI cut the key rate by the same margin
State Bank of India (SBI) on Friday announced a cut of 75 basis points in its lending rates, hours after the
Reserve Bank of India (RBI) announced a reduction of the same magnitude in the repo rate
Repo rate is the key interest rate at which the regulator lends short-term funds to commercial banks such as SBI
In a statement late on Friday, the country's largest bank by assets said that with the latest cut, it passed on the entire benefit of the
75-basis point cut by the RBI
SBI said the news lending rates will take effect from April 1
In a press release, SBI said it passed on the entire benefit of the RBI rate cut to its borrowers availing loans linked to
20-100 basis points in interest rates applicable to term deposits
These rates will take effect from March 28, SBI said.SBI's retail fixed deposit interest rates were lowered by 20-50 basis points across
tenors, and bulk term deposit rates by 50-100 basis points.The banking behemoth said that the move was in view of "adequate liquidity in the
system and the additional liquidity measures announced" in the RBI's monetary policy on Friday.The impact of the RBI policy measures and the
reduction in SBI's deposit rates will be reflected in the next review of marginal cost of funding-based lending rate (MCLR).On Friday, the
Reserve Bank of India lowered the repo rate by 75 basis points, the reverse repo rate by 90 basis points and the cash reserve ratio by 100
stay indoors for three weeks in the world's biggest lockdown.This week, the government made cash withdrawals using debit card free across
