State Bank of India (SBI) will be seeking clarifications from the Reserve Bank of India (RBI) whether it can offer long-term home loans with fixed rates in the beginning and convert the same into floating rates later. The move comes after the RBI has mandated banks to shift all retail lending to floating rates that will be determined by external benchmarks like the repo rate.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
