Saturday, September 21 2019

March 10, 2019

SBI will link savings deposits rates to the RBIs repo rate

New Delhi-SBI announced linking of its savings deposits rates and short-term loans to the Reserve bank of India repo rate.The new rates will be effective 1st May.The new system would be applicable only for those with a balance of over Rs 1 lakh in their accounts.This will help speed up the monetary transmission process wherein lenders pass on Reserve Bank rate cuts as well as hikes to borrowers.