April 9, 2019 / 12:37 PM / 10 months ago

State Bank of India cuts benchmark lending rates by five basis points

A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. REUTERS/Rupak De Chowdhuri/File Photo

(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

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