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%.
Sudha

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. 

Aim:
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:
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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