Biz EOD: SBI cuts savings rate; manufacturers to restart factories; lending rates on falling spree
BusinessToday.In April 7, 2020
State Bank of India said it has reduced interest rates on saving accounts by 25 basis points, effective April 15. With one week left for the nationwide lockdown to end, manufacturing companies gear up to restart factories. As per the recently released RBI data, lending rates of scheduled commercial banks on fresh rupee loans touched 66-month low of 9.26 per cent in February 2020. Read for more top stories from the world of business and economy:
Following the reduction in rates, SBI savings accounts with balances up to Rs 1 lakh will earn interest rate of 2.75 per cent per annum, down from 3 per cent.
Most companies have been operating in staggered shifts since the lockdown was announced. Automakers have shut down the production and told non-factory employees to work remotely during the lockdown.
Earlier this month, the central bank had announced a massive 75 bps cut in repo rate coupled with 100 bps reduction in cash reserve ratio to mitigate the impact of coronavirus pandemic on the economy.
The transaction underlines the partners' commitment to contribute to addressing India's sustainable development goals, says Gautam Adani-led Adani Green Energy.
Indices have recorded the best trading day in percentage terms since May 2009 and posted the biggest ever single-day gains in absolute term today.