The
benchmark prime lending rates have
been slashed by half a percentage
to 11.75 from 12.25 percent by the
State Bank of India (SBI), yesterday.
This will take effect from June 29th
informed SBI to the Bombay Stock Exchange
(BSE). Other banks may follow the
leader it is expected.
SBI had earlier this month reduced
the deposit rates by 25 basis points
for all maturities.
Between 181 days and 1 year the rates
have been reduced from 6.50 percent
to 6.25 percent. Likewise, between
1 year and 2 years the rate is down
from 7.25 percent to 7 percent. Between
2 years and 1000 days the rate will
be 7.25 percent instead of the prevailing
7.50 percent. And for 1000-day tenure,
the rates are 7.50 percent down again
by 25 basis points.
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