Country’s largest lender State Bank of India (SBI) has decided to adopt Repo Rate as the external benchmark for all floating rate loans for MSME, housing and retail loans effective October 01, 2019, as per RBI’s notification on September 04, 2019. SBI voluntarily extends the external benchmark based lending to Medium Enterprises also, to boost lending to the MSME sector as a whole.
SBI had introduced floating rate home loans effective July 01, 2019. A few modifications have been made in the scheme effective October 01, 2019, to comply with the latest regulatory guidelines.
State Bank of India is currently trading at Rs304.90, up by Rs3.2 or 1.06% from its previous closing of Rs301.70 on the BSE.
The scrip opened at Rs308.20 and has touched a high and low of Rs314.25 and Rs302.50 respectively.
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