SBI cuts lending rates 10 bps

SBI announced its fifth-rate cut on its marginal cost of funds based lending rate by 10 basis points (bps) across all tenors. The interest rate is now 8.15%.

Updated: Sep 10,2019 04:52:54 pm

SBI cuts lending rates 10 bps

10 September 2019 Current Affairs:SBI announced its fifth-rate cut on its marginal cost of funds based lending rate by 10 basis points (bps) across all tenors. The interest rate is now 8.15%. It will be effective from 10 September 2019. The reduction in the lending rate is expected to profit all the current SBI clients who have a home, auto and other category loans of MCLR. 
SBI has also reduced term deposit (TD) rates by up to 25 basis points. 

The aim of the rate cut is for boosting credit requests in the festival season. 

Non-banking fund organization:
The Non-banking organization Bajaj Housing Finance Limited (BHFL) has decreased its home credit rates to 8.60% from 8.80% up to 30 lakh.

SBI was founded in as Bank of Calcutta on 2 June 1806, as Bank of Bombay on 15 April 1840, as Bank of Madras on 1 July 1843, as Imperial Bank of India 27 January 1921, and as State Bank of India 1 July 1955. It is headquartered Mumbai, Maharashtra. The Chairman of SBI is Rajnish Kumar.  It is the largest bank in India. 

Note: 1 basis point (bps) = one-hunderedth of a percentage point
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