(Reuters) - State Bank of India, the country’s largest lender by assets, on Tuesday cut its benchmark lending rates by five basis points across all tenors.
The marginal cost of fund-based lending rate, or the MCLR, now stands at 8.50 percent for the one-year tenor, down from 8.55 percent, SBI said in a statement.
The move comes days after the Reserve Bank of India cut its policy interest rate by 25 basis points, in a widely expected move to boost the economy.
The lender also reduced the interest rate on housing loans of up to 3 million rupees ($43,280.68) by 10 basis points to a range between 8.60 percent and 8.90 percent per annum.
($1 = 69.3150 Indian rupees)
Reporting by Chris Thomas in Bengaluru, Editing by Sherry Jacob-Phillips