SBI Cuts Benchmark Lending Rate by 0.05% Across Maturities

The country’s largest lender State Bank of India (SBI) slashed benchmark lending rate by 0.05 per cent across maturities. The reduction in the marginal cost of funds based lending rate (MCLR) came after a gap of almost 10 months.

The bank had last cut the rate on January 1, 2017. The move by the SBI will trigger rate cut by other lenders. With the reduction, the MCLR for one year has come down to 7.95 percent from 8 percent, SBI website said. The new rate would be effective November 1, 2017.
Important Takeaways from Above News for RRB PO Mains Exam-
  • Rajnish Kumar is the Present Chairman of Mumbai-headquartered SBI.
Source- The Hindu Business Line