MUMBAI State Bank of India, the country's biggest lender by assets, said on Sunday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits.
After the move, its so-called overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75 percent from 8.65 percent, while three-year loan rates will now be 8.15 percent from 9.05 percent previously.
Although India's gross domestic product grew 7.3 percent in the July-September quarter from a year earlier, the fastest pace of growth among large economies, much of that has been led by consumer demand.
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