The country's largest bank, State Bank of India, has taken deposit rates to a new lowIt cut rates across the board by 0.25%.
The latest rate cut is SBI’s second time this month and the sixth time this year.
SBI may be cutting rates because it getting more deposits than it is dispensing loans.
Data from the Reserve Bank of India shows that deposits this year have grown by 20% as opposed to credit, which has grown at 13%.
In order to maintain the margin, SBI would have been forced to push down deposit rates.
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