Mumbai, Aug 7 (TIWN) The State Bank of India (SBI), the country's largest lender by assets, here on Wednesday cut the benchmark lending rates by 15 basis points (bps) across tenors, shortly after the Reserve Bank of India (RBI) slashed interest rates by a larger-than-expected 35 bps to boost the economy.

The country's largest bank State Bank of India (SBI) today cut lending rates, within hours after the Reserve Bank of India lowered interest rates for the fourth time this year. Other banks are also likely to review their lending rates soon. SBI today announced a reduction in its MCLR or marginal cost of fund based lending rate, by 15 basis points across all tenors. The revised rates will be effective from 10 August 2019. After the latest cut, SBI said home loans linked to MCLR rates are now cheaper by 35 bps since April 10, 2019.  The one-year MCLR comes down to 8.25% per annum, from 8.40% annum. This is the fourth consecutive cut in MCLR in FY 2019-20 by the bank, SBI said.