MUMBAI, Dec 21 (Reuters) - State Bank of India, the country's biggest bank will slash its lending rate by 75 basis points, with effect from Jan. 1, the bank said in a e-mailed statement issued late on Saturday.
The prime lending rate, or the rate that it charges its top customers now stands at 12.25 percent, the bank said.
The Reserve Bank of India has cut its main lending rate by 250 basis points to 6.5 percent since October as the economy showed signs of slowing more than many had expected, and policy makers have urged lenders to pass on the easing to clients.
On Friday, Housing Development Finance Corporation, India's biggest mortgage lender, cut its retail lending rates by 50 basis points, effective Dec. 22.
State Bank of India will also cut interest rates on its deposit schemes by 25-100 basis points, effective Jan. 1, it said.
(Reporting by Saikat Chatterjee; Editing by Tomasz Janowski) Keywords: SBI RATES/ (saikat.chatterjee@thomsonreuters.com; +91-22-6636-9035; Reuters Messaging: saikat.chatterjee.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The prime lending rate, or the rate that it charges its top customers now stands at 12.25 percent, the bank said.
The Reserve Bank of India has cut its main lending rate by 250 basis points to 6.5 percent since October as the economy showed signs of slowing more than many had expected, and policy makers have urged lenders to pass on the easing to clients.
On Friday, Housing Development Finance Corporation, India's biggest mortgage lender, cut its retail lending rates by 50 basis points, effective Dec. 22.
State Bank of India will also cut interest rates on its deposit schemes by 25-100 basis points, effective Jan. 1, it said.
(Reporting by Saikat Chatterjee; Editing by Tomasz Janowski) Keywords: SBI RATES/ (saikat.chatterjee@thomsonreuters.com; +91-22-6636-9035; Reuters Messaging: saikat.chatterjee.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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