No more lending rate cuts this fiscal: SBI chief
After reducing its base rate by 40 basis points last year, State Bank of India has ruled out any tinkering with its lending rates in the remaining months of the current fiscal year.
The nation’s largest lender also ruled out going ahead with its share sale plan this fiscal.
Last October, SBI had reduced its base rate by 40 basis points, from 9.70% per to 9.30%.
“I don’t really think (base rate will be cut) so, but maybe once we cross the year-end then we will see,” SBI Chairperson Arundhati Bhattacharya told reporters after opening the second InTouch branch at Colaba in South Mumbai on Friday.
The rate reduction by SBI was following a 50 bps repo rate cut by the RBI on September 29.
Earlier this week, private sector HDFC Bank reduced its base rate by 0.05% to 9.30%, matching with that of SBI, 5 bps lower than its private sector rival ICICI Bank, which is maintaining its minimum lending rate at 9.35%.
Talking about the new base rate calculation based on the marginal cost of funds, Bhattacharya said the formula will not make a huge amount of difference on base rate but will help in transmission. “Some more amount of transmission will definitely happen but I don’t think it is going to be humongous.”
Read full article: DNA India
The income tax department on Tuesday raided Rajesh Exports Ltd’s retail arm, Shubh Jewellers, which has stores across Karnataka. A Read more
A court has asked police to file a case against ICICI bank CEO Chanda Kochchar and the private bank's head Read more
State Bank of India (SBI) chairperson Arundhati Bhattacharya continues to be the most powerful woman in the Indian business sector, Read more
NEW DELHI: The rupee fell by 4 paise to 66.23 against the US dollar on Monday in contrast to the Read more
