SBI cuts base rate by 15 bps
DSIJ Intelligence / 03 Apr 2017
The country’s largest lender State Bank of India (SBI) has cut its base rate by 15 basis points to 9.1 per cent. The new rates are effective from April 1.
The country’s largest lender State Bank of India (SBI) has cut its base rate by 15 basis points to 9.1 per cent. The new rates are effective from April 1.
About 30 to 40 per cent of total floating rate loans are linked to marginal cost of lending rate (MCLR), while the rest are still linked to the base rate. At the end of Q2FY17, SBI’s 15 per cent of loan book was linked to MCLR and the balance was linked to the base rate.
SBI did not make changes to its MCLR, which it had cut steeply in January 2017. The bank’s one-year MCLR, the benchmark to which home loans are linked, stands unchanged at 8 per cent, while the two-year rate stands at 8.1 per cent.
The bank’s retail loan book increased 18 per cent, home loan book grew 18.32 per cent and the auto loan book grew by 19.9 per cent in Q3FY17 on a yearly basis.
The share price of SBI increased 0.19 per cent and closed at Rs 293.15 on Monday.
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