State Bank Of India

State Bank of India (SBI), country’s largest public sector lender is planning to cut lending rates on loans that have high interest rates post RBI’s rate cut announcement. The Reserve Bank of India (RBI) cut its repo rate for the first time in three years by an unexpectedly sharp 50 basis points to give a boost to flagging economic growth but warned that there is limited scope for further rate cuts.

Earlier, SBI revised the interest rates on retail term deposit with effect from March 28, 2012. For tenor ranging from 7 days to 90 days the interest rate is been increased by 100 basis points (bps) while for tenor ranging from 91 days to 179 days the rate is been increased by 75 bps.