Points to Remember:
- State Bank of India reduced its lending rate by 10 basis points across all tenors, which will come into effect from September 10.
- This is the fifth reduction in lending rate from SBI in FY 2019-20, coming down to 8.15% from 8.25% after it cut repo rates by 1.1% last week.
- Other banks are likely to follow SBI’s lead.
- The State Bank of India is an Indian multinational, public sector banking and financial services statutory body.
- It is a government corporation statutory body headquartered in Mumbai, Maharashtra.
- SBI is ranked as 216th in the Fortune Global 500 list of the world’s biggest corporations of 2018.
- Chairperson: Rajnish Kumar
- Headquarters: Mumbai
- Subsidiaries: SBI Cards, SBI Life Insurance Company, Jet Airways, etc.
Important Possible questions based on above News:
- Name the majority Stock holder of Jet Airways? SBI
- Who is the incumbent chairman of SBI? Rajnish Kumar