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

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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