India's largest lender, State Bank of India, on Friday reduced its lending and deposit rates after the Reserve Bank of India significantly reduced the repo rate earlier in the day to deal with the economic fallout from the coronavirus pandemic.
SBI reduced its lending rates by 75 basis points, passing on the entire repo rate cut of by the RBI.
Consequently, the lender has also reduced interest rates on retail and bulk deposits by between 20 to 100 basis points across various tenors.
(Published 27 March 2020, 14:38 IST)
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