Country's largest lender State Bank of India has announced the reduction in its marginal cost of fund based lending rate (MCLR) by 10 basis points across all one-year products. It will be effective from today.
This is the eighth consecutive cut in MCLR by the lender this fiscal. The new one-year MCLR has been cut to 7.90 per cent from 8 per cent. (AIR)