SBI links savings deposits rates, short-term loans to RBI’s repo rate
State Bank of India (SBI) has linked its savings deposits rates and short-term loans to the Reserve Bank of India’s (RBI) repo rate. The new rates, linked to the external benchmark rate, would be effective from May 1, 2019. Currently, loans are linked to the bank’s cost of funds which is largely reflected through its internal benchmark Marginal Cost of Funds based Lending Rate (MCLR) declared by the bank every month.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.