SBI slashes rates by 75 bps

State Bank of India, India’s largest commercial bank, has slashed its lending and deposit rates with effect from January 1.

State Bank of India, India’s largest commercial bank, has slashed its lending and deposit rates with effect from January 1. The bank has revised the Benchmark Prime Lending Rate downwards by 75 bps from 13.00 per cent p.a. to 12.25 per cent and the deposit rates downwards by 25 bps to 100 bps across various maturities.

The BPLR cut will provide relief to retail loans including housing loan borrowers. Banking sources said other banks, including private banks, are also set to slash the rates.

A senior official of the bank told IE, “We are passing through a dynamic situation today. Hence, in case Reserve Bank of India will go for further rate cuts we will also lower our rates further. With the inflation figures coming down and cost of funds too going southwards, I think that the banks may go for another round of rate-cuts in the days to come.”

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When asked whether the current BPLR cut will also impact the home loan rate cut by the bank as part of the stimulus package along with other PSU banks, he said that the home loan rates up to Rs 20 lakh will remain unaffected as they are below card rates. “Still, in case the trend of BPLR-cut continues for next three months then definitely these rates were also likely to come down further,” he added.

Recently Union Bank of India and Housing Development Finance Corporation had reduced their lending and deposit rates. TS Narayanasami, chairman & managing director Bank of India, has already indicated that his bank will take a call on Monday on the rate-cuts.

The RJD’s key face and Leader of the Opposition (LoP) Tejashwi Yadav, party supremo Lalu Yadav’s son, will again contest from his stronghold Raghopur.

Amid Mahagathbandhan crisis, RJD unveils list of 143, drops 36 MLAs, focuses on ‘M-Y’

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The RJD, lead player of the Mahagathbandhan, released its full list of 143 candidates for the November Bihar Assembly elections. Its key face Tejashwi Yadav will contest from Raghopur, and 41 sitting MLAs have been renominated. The party has dropped 36 sitting MLAs and fielded young leaders, signaling a bid to consolidate its core Muslim-Yadav vote base. The Congress has fielded 60 candidates.

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