Country's largest lender State Bank of India on Monday announced the reduction in its marginal cost of fund based lending rate (MCLR) by 10 basis points across all one-year products, effective on Tuesday. This is the eighth consecutive cut in MCLR by the lender this fiscal.
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"To pass on the benefit of our falling cost of funds to customers, we have reduced MCLR by 10 bps across all tenors," a statement from the bank said. The new one-year MCLR has been cut to 7.90 per cent from 8 per cent.
The reduction comes as the Reserve Bank in a surprise move left the key policy rates unchanged last Thursday at 5.15 per cent.