SBI cuts lending rates by 0.15%

Ahead of the Reserve Bank of India’s monetary policy this week, the country’s largest bank, State Bank of India has reduced its benchmark lending rate by 0.15%.

Base rate or the minimum lending rate of the bank has been reduced from 9.25% to 9.1%. The cut in SBI’s base rate was effective from 1st April,2017. With this reduction, the equated monthly installments, or EMIs for the bank’s new as well as existing borrowers who have taken housing or car loans at the base rate will come down by at least 0.15%.

Takeaways from above News-
  • State Bank of India has reduced its benchmark lending rate by 0.15%
  • Headquarter of SBI in Mumbai
  • Chairperson of SBI is Arundhati Bhattacharya
  • SBI was founded in 1955
  • SBI earlier named as Imperial Bank of India which was founded in 1921

If you have any other takeaways, do share with us in the comment section

Source- The Indian Express

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