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SBI cuts MCLR by 5 bps across all tenors

Friday, November 8, 2019, 11:03 AM

India's largest public sector lender, SBI, announced Friday morning that it has cut marginal-cost based lending rates (MCLR) by 5 basis points across all tenors. The new rates will be effective from November 10. After the cut, the one-year MCLR stands at 8 percent. According to SBI's press release, this is the bank's seventh consecutive MCLR cut during the current financial year.
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Indian economy in transition phase, growth to come back: SBI Chairman

Thursday, October 24, 2019, 7:57 PM

The Indian economy is in a transition phase largely owing to important reforms undertaken in the last few-years, a top Indian-banker has said exuding confidence that the country's growth rate will be back on track. Kumar, 61, was in Washington last-week as part of the Indian delegation led by Union-Finance-Minister Nirmala Sitharaman to attend the annual meetings of the World Bank and the IMF.
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SBI rapped for deducting Rs 145 from 79-year-old's account

Wednesday, October 23, 2019, 11:25 AM

Peeved by the SBI illegally debiting Rs 145 from his savings account and making him run from pillar to post to find out why, a 79-year-old Bengalurean approached a consumer court in 2017. Nearly two years later, the forum has ruled in his favour, ordering the bank to compensate the senior citizen for causing him mental agony and also bear his litigation expenses.

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