SBI cuts lending rate by 0.9% across maturities
India's largest lender State Bank of India on Sunday cut benchmark interest rate across various maturities by 0.9%, effective from January 1, 2017. The bank has reduced marginal cost of funds based lending rate from 8.9% to 8% for one-year tenure, SBI said. This comes a day after PM Modi asked banks to prioritise lending towards poor and middle class.