SBI lowers base rate, BPLR by 30 bps

The State Bank of India reduced the base rate and benchmark prime lending rates (BPLR) by 30 basis points each, which will benefit nearly 80 lakh customers on the old pricing regime.

The nation’s largest lender revised down the base rate to 8.65 per cent for existing customers from 8.95 per cent, while the BPLR is down from 13.70 per cent to 13.40 per cent.

The bank however did not change the marginal cost of funds-based lending rate (MCLR) which would have brought down the cost for all borrowers.

The one-year MCLR of the bank stands unchanged at 7.95 per cent.

(Agencies)

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