SBI may not reduce interest rate immediately
The State Bank of India Chairman said that the bank is not planning to reduce the lending rate immediately.
As the base rate of interest of SBI is lowest in the capital market, they are not interested in reduction of home loan interest.
The SBI is also not planning to reduce the deposit rates. According to the Chairman, if the bank reduce the deposit rates further, all the bank deposit will be driven towards the government’s savings schemes.
As per the total borrowing size in the market, RBI will have very less effect for this repo rate cut.
The Chairman said that SBI has an earning of Rs 41000 crore from the interest and the repo rate cut will give them an advantage of 75 crore.
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Source: IBN Live
deposit rates, Home loan interest, lending rate, rate of interest, RBI, SBI, State Bank of India
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