On Monday, the US dollar index plunged from 96.40 to 95.70.
SBI reduces base rate by up to 30 basis points
On Monday, Конец формы
State Bank of India, which is the country’s number one lender, diminished interest rates on loans linked to the base rate by up to 30 basis points.
Due to this reduction, the bank’s base rate currently accounts for 8.65%.
The given move will probably benefit a huge number of old borrowers, as a senior SBI official stressed.
Since April 2016, financial institutions shifted to the marginal cost of fund-based lending rate system. It’s because the base rate regime turned to be weak and rigid for rate transmission.
Although some borrowers have already moved to MCLR, a huge number of borrowers, especially in the retail segment, still make use of base rate, as banking analysts revealed.
SBI’s MCLR currently stays in the band of 7.70-8.10%.
SBI’s move to diminish the base rate emerge when a committee established by the Reserve Bank of India advised to have bank lending rates linked to a market benchmark for the purpose of hastening monetary policy transmission and improving transparency in rate setting by lenders.
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