SBI slashes benchmark lending rates by 15 bps after rate cut by RBI

State Bank of India (SBI), the country's largest lender by assets, on Wednesday cut its benchmark lending rates by 15 basis points across all tenors, shortly after the central bank slashed interest rates by a larger-than-expected 35 bps to boost the economy. SBI's one-year marginal cost of fund-based lending rate, or the MCLR, will come down to 8.25% per annum from 8.

40% earlier with effect from Aug. 10, SBI said in a statement. The Reserve Bank of India (RBI) cut interest rates for a fourth straight meeting in 2019, taking.

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