While rate cuts may increase churn between banks, these may not boost credit offtake meaningfully. A telecom moment for the banking sector” was how a banking analyst with a reputed brokerage summed up the lending rate cut frenzy by banks. Though the Street was expecting some cuts (30-40 basis points) in the marginal cost of funds-based lending rate (MCLR), the sharp 90-bp cut by State Bank of India has taken many by surprise. Given that most banks have followed SBI’s lead, ... Rediff.com, 2 months ago
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