SBI cuts lending rate by 75 bps as RBI introduces liquidity package

SBI also cut interest rates on retail term deposits by 20-50 bps. For bulk deposits, the cut was steeper, by 50-100 bps, due to huge liquidity in the system

Hours after the Reserve Bank of India (RBI) reduced the repo rate by 75 basis points (bps), the country’s largest lender, State Bank of India (SBI), on Friday said it would pass on the entire cut to its customers, effective April 1.
 

SBI cut interest rates on retail term deposits by 20-50 bps. For bulk deposits, the cut was steeper, by 50-100 bps, due to huge liquidity in the system.
 

“Responding to the RBI’s extraordinary monetary policy measures to support the wider economy, the bank passes on the entire 75 bps repo rate cut to its borrowers availing loans linked