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Coronavirus relief: SBI takes cue from RBI; cuts lending rates by 75 bps

Consequently, the lender has also reduced interest rates on retail and bulk deposits by between 20 to 100 basis points across various tenors

SBI to link saving deposits, loan pricing to repo rate from May 1

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The new rates, to be effective from April 1

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2 min read Last Updated : Mar 27 2020 | 8:51 PM IST

India's largest lender, State Bank of India, on Friday reduced its lending and deposit rates after the Reserve Bank of India significantly reduced the repo rate earlier in the day to deal with the economic fallout from the coronavirus pandemic.

SIB reduced its lending rates by 75 basis points, passing on the entire repo rate cut of by the RBI.

Consequently, the lender has also reduced interest rates on retail and bulk deposits by between 20 to 100 basis points across various tenors.

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Topics : State Bank of India SBI Rajnish Kumar Reserve Bank of India RBI repo rate

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