State Bank of India cuts rate by 75 basis points, to raise buyout chest
The country’s largest lender, State Bank of India, on Thursday said it would reduce its lending & deposit rates and raise a chest of Rs 5,00010,000 crore for possible foreign acquisitions.
The bank’s chairman hinted at a reduction in the housing loan rates and talked about the resource crunch faced by overseas branches and an incumbent liquidity problem.
The bank would cut its benchmark prime lending rate (BPLR) by 75 basis points to 13% from Monday, November 10, and pare interest rates by 50 bps on deposits between 91 days and five years and 25bps on those above five years,from December1.
“The recent monetary measures have allowed us to lower the PLR. SBI is attracting deposits worth around Rs 1,000 crore per day.
To read the full article, click here..
To read the ePaper, visit:
http://epaper.financialexpress.com/FE/FE/2008/11/07/index.shtml
The bank’s chairman hinted at a reduction in the housing loan rates and talked about the resource crunch faced by overseas branches and an incumbent liquidity problem.
The bank would cut its benchmark prime lending rate (BPLR) by 75 basis points to 13% from Monday, November 10, and pare interest rates by 50 bps on deposits between 91 days and five years and 25bps on those above five years,from December1.
“The recent monetary measures have allowed us to lower the PLR. SBI is attracting deposits worth around Rs 1,000 crore per day.
To read the full article, click here..
To read the ePaper, visit:
http://epaper.financialexpress.com/FE/FE/2008/11/07/index.shtml
Labels: benchmark prime lending rate, overseas branches, reduction in the housing loan rates, SBI cuts rate
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11:52 AM
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