Reacting positively to its new pricing strategy, the stock of State Bank of India (SBI) rose nearly 2 per cent on Monday. In the latest move, the bank seeks to link its interest rate to the external benchmark rate for certain assets and liabilities.
The new pricing strategy, which was announced on Friday (post market hours), will be effective from May 1. The bank will service its savings bank (SB) account holders with over Rs 1 lakh of outstanding balance an interest 2.75 per cent lower than the ruling repo rate. Likewise, small borrowers -- those availing of cash credit and ...
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