‘Consistently’ passed on RBI’s rate cut to borrowers

The Nation's huge lender State Bank Of India (SBI) on said it has consistently passed on RBI's rate cuts to borrowers and in further reduce the lending rate in the near term, benefiting auto and home loan seekers. State Bank of India (SBI) Chairperson Arundhati Bhattacharya has said that out of the 1.75 % rate cut by the RBI since January 2015, it has already passed on up to 0.95% to the borrowers. Of the 175 bps (1.75%) cut that the Reserve Bank (RBI) has done we as a bank have passed on 95 bps (0.95%). More will get passed on in the near term rather than in the longer term, Bhattacharya said in an interview to TV Channel. SBI might not have cut the interest rate by big dollops of 0.25%, she said, but the bank has been cutting the rate consistently on a month-on-month basis and has passed on up to 0.95% so far.