Jan
02
Largest India Bank Sees Loan Growth Jumping From 25-Year Low
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State Bank of India cuts MCLR by 90 basis points on Jan. 1
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Surge in deposits post cash ban allows banks to cut loan rates
State Bank of India, the country’s largest lender, is predicting an acceleration in loan growth from a 25-year low after slashing borrowing costs to the lowest level in at least six years.
The state-run lender cut lending rates based on the marginal costs of funds by 90 basis points across all tenures on Sunday. Other banks including Union Bank of India, Punjab National Bank and IDBI Bank Ltd. also cut their MCLR rates after a surge in deposits following a cash ban in the country brought down the cost of funds…
Largest India Bank Sees Loan Growth Jumping From 25-Year Low
