- India’s largest bank State Bank of India (SBI) reduced its Marginal Cost of funds based Lending Rate (MCLR) by 15 basis points (bps) across all tenors.
- With this move, the benchmark lending rate will come down to 7.25 per cent per annum from 7.40 per cent per annum with effect from May 10. This is the twelfth consecutive reduction in the MCLR, the public sector banking behemoth said in a statement.
- The move will benefit those customers of SBI who have their loans linked to its MCLR – which changes each time the bank makes changes in its benchmark rate.