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SBI reduces external benchmark rate by 25 bps

SBI reduces external benchmark rate by 25 bps

Monday, December 30, 2019, 10:36 AM

A few weeks after the Reserve Bank of India maintained status quo on key policy rates, the country's largest lender, State Bank of India, early Monday morning announced a 25 basis points cut in its external benchmark rate. (100 basis points/bps = 1 percentage point). SBI becomes the first bank to cut its external benchmark rate after the RBI's monetary policy review in December.
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