SBI To Link Floating Rate Loans With Repo Rate From October 1 ndtv.com

State Bank of India (SBI) said on Monday that it would adopt the repo rate as external benchmark for all its floating rate-based loans from October 1. The move by the country's largest bank comes within three weeks of the Reserve Bank of India (RBI) directed banks to link floating rate-based loans with external benchmark rates, in a bid to enable a faster transmission of reduction in key interest rates to borrowers. In a statement on Monday, SBI said the change will impact floating rate loans for small businesses, home and retail loans. (Also read: SBI withdraws repo-linked home loan scheme)