SBI reduces MCLR by 10 bps across all tenors; stock up ~1%

State Bank of India, SBI
To pass on the benefit of its reducing cost of funds to customers, the country’s largest lender State Bank of India (SBI) has announced the reduction in its 1-year MCLR by 10bps.

The one-year MCLR comes down to 7.90% p.a. from 8% p.a. with effect from December 10, 2019. This is the eighth consecutive cut in MCLR in FY19-20, the bank said in the press note.

Stock view:
State Bank of India is currently trading at Rs322.85 up by Rs3.05 or 0.95% from its previous closing of Rs319.80 on the BSE.

The scrip opened at Rs320 and has touched a high and low of Rs323.70 and Rs315.95 respectively.

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