After SBI, other banks start cutting lending rates
After SBI on Sunday cut lending rates across maturities by 0.9%, other banks like Punjab National Bank and Union Bank of India, have also brought down interest rates. PNB has cut its one-year marginal cost of funds-based lending rate by 0.7% and Union Bank has reduced it by 0.65%. Kotak Mahindra also cut lending rates by up to 0.45%.