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Reading: SBI lending rates will be cut down from January, other banks may follow
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Home – India

SBI lending rates will be cut down from January, other banks may follow
IndiaFinance

SBI lending rates will be cut down from January, other banks may follow

Ankita Sharma
Ankita Sharma Published December 26, 2016
Last updated: 2016/12/26 at 5:30 PM
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SBI lending rates: State Bank of India and a few other banks are expected to cut the lending rates from January 2017 onwards. This is deemed to provide the much-needed boost to consumption that has been hurdled by the demonetisation policy of the Modi-led government.

SBI lending rates to be cut down

SBI lending rates will be cut down from January, other banks may follow

The news came as a relief to the intended car and home buyers as these will be available on comparatively cheaper rates once the lending rates are cut down. However, the cash withdrawal limit will remain the same i.e Rs 24000 per week and Rs 2500 per day.

Also Read: Ratan Tata Cyrus Mistry row: “Time to take matters to a logical conclusion” says Mistry

State Bank of India has not given any official statement on the issue.

“Post demonetisation a number of customers have repaid their loans, many are refraining from borrowing. So demand for the bank loans has disappeared but at the same time the banks are flushed with funds”, said bank chief.

Also Read: PM Narendra Modi on demonetisation: “I have saved the country from the peril of black money”

The data by Reserve Bank of India shows that the bank credit amount has risen by 1.2 percent i.e. rs 73 lakh crore in 2016 from the time period April 1 to December 9. While during the same duration in 2015, the bank credit rose to Rs 69.6 lakh crore i.e. by 6.2 percent.

“The ministry is in dialogue with the banks on measures that can be taken to boost investment.

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TAGGED: demonetisation, india, lending rates, SBI

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Ankita Sharma December 26, 2016
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