Shares of State Bank of India (
SBI) are trading lower at Rs357.05 on the BSE in late morning trade. The bank reduced its MCLR by 5bps across all tenors from July 10.
The Marginal Cost of Funds based Lending Rate (MCLR) for one year stands reduced to 8.4% per annum from 8.45% per annum.
This is the third rate cut in the current financial year. With today’s MCLR cut, the reduction in the Home Loan Rates since April 10, 2019 is 20 bps.
Meanwhile, RBI governor Shaktikanta Das on Monday said that the central bank expected a quicker transmission of the interest rate cuts from banks to consumers by way of cheaper home, auto, and personal loans.
State Bank of India is currently trading at Rs356.55, down by Rs2.6 or 0.72% from its previous closing of Rs359.15 on the BSE.
The scrip opened at Rs360.30 and has touched a high and low of Rs361.70 and Rs355.85 respectively.
The BSE group 'A' stock of face value Rs1 has touched a 52 week high of Rs373.40 on 05-Jul-2019 and a 52 week low of Rs247.65 on 26-Oct-2018. Last one week high and low of the scrip stood at Rs373.40 and Rs352.60 respectively.