MUMBAI: A day after Reserve Bank Governor Shaktikanta Das said he expects faster transmission of the three successive repo rate cuts, State Bank lowered its lending rates by 5 basis points across all tenors.
The new rates, effective Wednesday, is the third reduction by SBI in this financial year having cut the rates
by 5 bps each in April and May, while its home loan rates has come down by 20 bps during this period.
The one-year marginal cost of funds-based lending rate (MCLR) or minimum lending rate, to which all loans are linked, has been cut to 8.40 percent from 8.45 percent, the nation’s largest lender said in a statement Tuesday.
From July 1, the bank had also introduced repo-linked home loan products. (AGENCIES)
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