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May 29th, 2012
SBI plans reduction in lending rates!

Chennai: State Bank of India (SBI) plans to reduce its lending rates for small and medium enterprises (SMEs) from June onwards so as to win them back to its fold, said its chairman Tuesday.

SBI chairman Pratip Chaudhuri said: “The bank’s current lending rates for the SME sector ranges between 12-17 percent. This will be brought down to 10.5 percent to 15.3 percent.”According to Chaudhuri, SBI is hoping to bring down its net non performing assets (NPA) to 1.62 percent this fiscal from 1.8 percent and a separate Stressed Asset Management Group has been formed to focuss on stressed loans and recover them.

He said SBI is also asking its borrowers to look at restructuring of their loans before any default while planning to approach Moody’s to review the bank’s rating as its capital base has been strengthened.