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SBI To Reduce Interest Rates On Selected Loans

India’s biggest nationalized bank State Bank of India (SBI) has decided to deduct rates on some of the loans provided by them. SBI is planning to reduce the rates in the sector-specific loans, though the Reserve Bank of India (RBI) hasn’t cut down the repo rate till date.

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SBI Loans

The bank’s asset liability committee (ALCO) will sit for a meeting tomorrow to decide what to be done and will also scrutinize the reports. Pradip Choudhury, the Chairman of SBI is saying that they have judged some of the spaces in the loans and can be managed by lowering the rates.

Though it is very difficult to decide everything before the meeting. But last time, the bank observed the cash reserve ratio (CRR) and was successful in providing education loans in lower bank rates.

SBI will cut down the rates but this time they are going to implement this in different section, but the close analysis is still important before implementing anything. The lender is not likely to get any reduction in the basic rates, or the benchmark lending rate to which all loan rates are linked.

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