SBI lowers lending rates by 10 bps for 5th time since April
Mumbai: To cash in on the forthcoming festive seasons and to better utilise the excess liquidity, State Bank announced the fifth rate cuts on Monday by another 10 basis points across tenors, effective Tuesday.
With this lending rate reduction, the bank has lowered 40 bps so far this fiscal year in five successive rate cuts beginning April. The new rates are effective Tuesday, the nation's largest lender said in a statement.
Accordingly, the one-year marginal cost-based lending rate--to which all its retail lending rates are linked, is down to 8.15 percent from 8.25 percent earlier- which is the lowest in the industry now.
The bank, which has linked almost all its loan and deposit products to the repo rate, has also slashed its retail term deposit rates by a higher 20-25 bps and bulk term deposit rates by 10-20 bps across tenors, effective Tuesday.
The lender attributed the falling interest rate scenario and surplus liquidity for realigning its loan and deposit pricing.
In April when it had slashed the first time by 5 bps, its one-year MCLR was at 8.55 percent. Similar cuts were effected in May and July, while it went in for for a higher 15 bps reduction in August, yanking down the benchmark rate to 8.25 percent. And with the latest cut, it's down to a multi- year low of 8.15 percent--the lowest in the industry.
Its nearest rivals HDFC Bank and ICICI Bank offer 8.30 and 8.35 percent respectively after their 10 bps reduction in the past two weeks.
However, it can be noted that lending rates are still much higher than the RBI's benchmark rate of 5.40 percent-- which is at a nine-year low after in four successive moves, the central bank cut the repo rates by a cumulative 110 bps since February.
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Four cops suspended after man escapes from custody, gets hit by truck in Ghaziabad
Ghaziabad (UP) (PTI): The Ghaziabad Police has suspended four personnel over presumed negligence and dereliction of duty after a detainee suffered severe injuries while allegedly fleeing from custody, a police official said on Friday.
Assistant Commissioner of Police (Modinagar) Bhaskar Verma said one Amit Kumar (35), an outsourced employee at Patla Nagar Panchayat, was allegedly drinking alcohol with three of his friends at a public place on Tuesday night. When Niwari police station arrived and reprimanded them, an altercation ensued, and Amit was subsequently detained.
While police were taking him for medical examination at Community Health Centre Muradnagar, Amit reportedly jumped from the moving police vehicle near the health centre to escape. As he ran towards the Delhi-Meerut highway, he was hit by an oncoming truck and sustained severe injuries. He was rushed to Yashoda Hospital in Nehru Nagar, where he is currently undergoing treatment in the ICU.
The police personnel allegedly failed to report the truck accident to their senior officers initially, claiming instead that Amit had fallen and injured himself while attempting to flee.
The incident sparked outrage among locals and the family of the detainee, who alleged that Amit was brutally thrashed while in custody.
On Thursday, protesters gathered outside the Niwari police station for nearly an hour, raising slogans against the police. The situation was eventually brought under control after officials assured that stringent action would be taken.
In response, a delegation of Rashtriya Lok Dal (RLD) leaders met Police Commissioner J Ravindra Goud to submit a formal complaint demanding accountability for the Niwari police station personnel.
On Thursday evening, Deputy Commissioner of Police (Rural) Surendra Nath Tiwari issued the suspension order against Patla police outpost in-charge Sub-Inspector Lokendra, Sub-Inspector Shaid Khan, Head Constable Sachin Mohan and Constable Narendra.
Additionally, the role of Niwari Station House Officer KK Maurya is under investigation, and a departmental inquiry has been initiated against the errant personnel, Verma said.
