The country's largest lender State Bank of India (SBI) has reduced its marginal cost-based lending rate (MCLR) by five basis points (bps) with effect from May 10, the bank said in a statement. This is the second rate cut in this financial year. SBI had announced a 5 bps cut in MCLR across all tenors on April 10 in response to RBI's 25 bps repo rate cut.
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