SBI Cuts Base Lending Rate, Will Benefit 80 Lakh Customers
SBI has some good news for the new customers as well as for the clients who are looking forward to switching their existing loans to SBI. With the reduction in the base lending rate till March 31, 2018, more than 80 lakhs customers will be benefitted.
State Bank of India has also cut the Benchmark Prime Lending Rate (BPLR) by 30 basis points or bps along with the base rate. SBI will implement the changes from January 1, 2018.
The official of SBI also stated that the base rate will be reduced from 8.95% to 8.65% for the existing clients and the BPLR will be reduced from 13.70 to 13.40%.
The reduction in the rates is a way to express a gratitude to the loyal customers who continue to render their trust with the bank. P K Gupta, managing director for the retail and digital banking at SBI further added that with this move the bank will ensure transmission of reduction in the rates of the various policies from the past. It will give relief to a large number of people who have their loans linked to the base rates.
State Bank of India is the largest commercial bank in India and is also ranked 217th on the Fortune Global ranking list of top 500 corporations as of July 2017. It has 198 offices in35 countries across the world. It also has a great share in the areas like general insurance, life insurance, mutual funds, investment banking, broking and depository services, credit cards, custodial services, factoring services, pension fund management, etc. to serve the customers in the best way.
The five of the associate banks of SBI namely State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, and Bharatiya Mahila Bank have merged on April 1, 2017, with itself.