India’s largest state-owned lender State Bank of India (SBI) said it has reduced interest rates for retail loans in order to boost lending.‍​

The bank has cut the interest rate on home loans by 5 basis points (bps) to 8.30% per annum—the lowest rate for home loans in the market. The new rate is effective 1 November.

The auto loans with the bank are now offered at 8.70% per annum from 8.75% previously.

At 9.40am, the shares of SBI were trading 1.02% lower at Rs316.55 on the BSE, while the Sensex was flat at 33,599.69 points.

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