Banking Q&A

SBI cuts MCLR by 5 bps Across Tenors

SBI has cut its marginal cost-based lending rates (MCLR) by five basis points across tenors, the lender said in a statement on May 10. The bank’s one-year MCLR has been reduced to 8.45 percent from 8.50 percent earlier. SBI had last reduced its MCLR by five basis points across tenors on April 10.