SBI cuts MCLR and fixed deposit rates across all tenors
Monday, September 9, 2019, 11:39 AM
Good news for borrowers as the State Bank of India (SBI) announced early Monday morning that has reduced MCLR (marginal cost of lending rate) on loans across all tenors. In a press release, the public sector lender stated that it will reduce interest rates by 10 basis points (bps) across all tenors with effect from tomorrow, i.e., September 10. (1 basis point = 0.01%).
Punjab National Bank to cut lending rates by 10 bps on 1 March
Thursday, February 28, 2019, 12:58 PM
State-owned Punjab National Bank (PNB) said it will reduce the MCLR by 0.10 percentage point for various tenor loans from March 1. There is a reduction in the MCLR with effect from March 1, 2019, PNB said in a regulatory filing. The one-year tenor loans, against which most of the consumer loans are benchmarked, has been cut to 8.45% from 8.55%.
RBI allows one-time recast of standard MSME accounts
Wednesday, January 2, 2019, 7:35 AM
The Reserve Bank of India (RBI) on Tuesday offered a new year gift to micro, small and medium enterprises (MSMEs) by allowing a one-time restructuring of existing loans that are in default but "standard" as on January 1. The facility could provide a timely support to scores of MSMEs hit by the double whammy of note ban and GST.