Contact Your Financial Adviser Money Making MC
1
November 2017
 |
SBI (The Total Investment & Insurance
Solutions)
State
Bank of India (SBI) has cut is benchmark lending rate by 0.05 per cent across
maturities, effective from Wednesday, according to an announcement by the
state-run lender. The Total Investment & Insurance
Solutions
The
reduction in marginal cost of funds based lending rate (MCLR) by the largest
Indian bank, last made on January 1 this year, has thus brought its MCLR down
to 7.95 per cent from 8 per cent, the SBI website said.
The
MCLR on overnight borrowings has been reduced to 7.70 per cent from 7.75 per
cent, while the rate for three-year tenures has been lowered from 8.15 per cent
to 8.10 per cent. The Total Investment & Insurance
Solutions
On
Tuesday, another public sector lender, the Kolkata-headquartered Allahabad Bank
reduced their MCLR rate by 0.15 per cent across maturities. The reduction has
brough down the one-year MCLR to 8.30 per cent, as against 8.45 per cent,
effective November 1. The Total Investment
& Insurance Solutions
At
its fourth bi-month monetary policy review here earlier in the month, the
Reserve Bank of India kept its key interest rate unchanged at 6 per cent,
reiterating its call for better transmission by the banks of earlier rate cuts
made by the centrl bank.The Total Investment
& Insurance Solutions
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