SME lending rates cut 0.5 percent by SBI
Jun 15 2012, 18:29 | By PTI
Lending rates for retail and home loans remain unchanged.
Image: SME Mentor
Days ahead of the RBI reviewing the interest rate, State Bank of India (SBI) today announced cut in lending rates between 0.5-3.5%, mainly for the small and medium enterprises (SME) and the agriculture sector.
Announcing the reduction in interest rate, SBI Managing Director and Group Executive (National Banking) A Krishna Kumar said the base rate will also remain unchanged at 10%.
The Reserve Bank of India is scheduled to come out with its mid-quarter review of the credit policy on Monday amidst expectations of a cut in the short-term lending rates. Though near 8% inflation leaves small room for the big reduction in interest rate, the industrial growth slowing to mere 0.1% in April is exerting pressure on the banking sector to go in for easing of the monetary policy.
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