SBI Reduces Base Rate and Benchmark Prime Lending Rates Each by 30 bps

The State Bank of India reduced the base rate and benchmark prime lending rates by 30 basis points each, which will benefit nearly 80 lakh customers on the old pricing regime.

SBI revised down the base rate to 8.65 percent for existing customers from 8.95 percent, while the benchmark prime lending rates are down from 13.7 percent, to 13.4 percent. The one-year MCLR of the bank stands unchanged at 7.95 percent. 
Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-

  • MCLR stands for Marginal Cost of funds based Lending Rate.
  • SBI Chairman- Rajnish Kumar, Headquarters- Mumbai, Established on- 01st July 1955.
Source- AIR World Service

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