INSUBCONTINENT EXCLUSIVE:
SBI Rate: State Bank of India (SBI) is the country's largest lender by assetsHighlightsSBI lowers key lending rates by 5 basis points from
February 10 Ninth rate cut by SBI in current financial year SBI fixed deposit interest rates cut by up to 50 basis points
State Bank of India (SBI) on Friday announced a reduction in its MCLR or marginal cost of funding-based lending
rates by 5 basis points across tenors, and a cut in its fixed deposit interest rates
That marked the ninth cut in the MCLR so far in the current fiscal year
The bank said the new rates for home loans and fixed deposits will take effect on February 10
The move by the country's largest lender comes a day after the Reserve Bank of India (RBI) maintained the status quo on monetary policy amid
high inflation, in line with economists' expectations
key lending rates steady and left the door open for more monetary easing on Thursday, as it sought to support faltering economic growth and
avoid stoking already heightened inflation levels.Last year, the central bank reduced the repo rate - the key interest rate at which it
expand its effort to boost an economy growing at its slowest pace in nearly five years.However, there have been concerns over speedy
transmission of these cuts to the economy, at a time when it is staring at the slowest pace of expansion recorded since the 2008-09 global
measures and reduction in deposit rates will be reflected in the next review of MCLR".In an effort to boost credit growth, the RBI
introduced several temporary measures on Thursday, allowing banks to do away with the need to set aside extra cash reserves against
incremental lending individuals and to small businesses.Analysts say the measures will help in restoring restore banks' confidence to lend
