MUMBAI: SBI
has cut lending rates across the board for businesses and farmers. The
bank has also done away with charges for intra-bank remittances through
its core banking system.
The reduction is in the range of 50 basis points to 350 basis points with the highest cut being offered to those borrowers who have a higher credit rating. "We have not touched retail because we have already reduced rates on education, auto and home loans," said Krishna Kumar, MD, SBI. "Our base rate has been the lowest among public sector banks, which is why we did not find a need to revise our benchmark rate after recent policy interventions by RBI," he said.
SBI would review its base rate if RBI cuts rate on Monday, he added.
The reduction is in the range of 50 basis points to 350 basis points with the highest cut being offered to those borrowers who have a higher credit rating. "We have not touched retail because we have already reduced rates on education, auto and home loans," said Krishna Kumar, MD, SBI. "Our base rate has been the lowest among public sector banks, which is why we did not find a need to revise our benchmark rate after recent policy interventions by RBI," he said.
SBI would review its base rate if RBI cuts rate on Monday, he added.
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