A bunch of banks have cut lending rates after State Bank of India’s (SBI’s) deepest loan rate slash in recent years, raising hopes of a credit growth revival after economic activity was disrupted by the withdrawal of high-value currency.
After SBI cut its marginal cost of funds-based lending rate (MCLR) by 90 basis points (bps) on Sunday, other lenders such as Punjab National Bank (PNB), Andhra Bank, Dena Bank, ICICI Bank Ltd and Kotak Mahindra Bank Ltd followed suit, cutting their MCLR by 45-75 bps.
Credit: www.livemint.com
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