SBI lowers lending rate by up to 15 bps; 10th cut in current fiscal

Overnight and one-month MCLRs have been reduced by 15 basis points to 7.45 per cent each. Three-month MCLR has been revised to 7.50 per cent from 7.65 per cent.

The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenors, effective March 10.

The bank has reduced its one-year MCLR by 10 basis points to 7.75 per cent from 7.85 per cent earlier, the SBI said.

This is 10th consecutive cut in MCLR by the bank in the current fiscal.

Overnight and one-month MCLRs have been reduced by 15 basis points to 7.45 per cent each. Three-month MCLR has been revised to 7.50 per cent from 7.65 per cent.

The new two-year and three-year MCLRs stand reduced by 10 basis points to 7.95 per cent and 8.05 per cent, respectively.

On Monday, another state-run lender Union Bank of India had announced cut in its MCLR by 10 basis points across all tenors, effective March 11.

This is the ninth consecutive rate cut announced by the Mumbai-based bank, since July 2019.

The bank has cut its one-year MCLR to 8 per cent from 8.10 per cent. The overnight MCLR has been revised to 7.55 per cent, while the new one month rate stands at 7.60 per cent, the bank had said.

TCS, DLF seek govt nod to set up IT SEZs in Haryana, Uttar Pradesh

TCS has proposed to set up an IT/ITeS SEZ at Noida in Uttar Pradesh in an area of 19.9 hectares.

Software firm TCS and realty major DLF have sought government nod to set up special economic zones (SEZ) for IT sector in Haryana and Uttar Pradesh.

These proposals will be taken up by the Board of Approval, the highest decision-making body for SEZ, in its meeting on February 26 here. The inter-ministerial body is chaired by the commerce secretary.

TCS has proposed to set up an IT/ITeS SEZ at Noida in Uttar Pradesh in an area of 19.9 hectares, according to the agenda paper of the board meeting.

The total proposed investment for the project is Rs 2,433.72 crore.

Development Commissioner of Noida SEZ has recommended the proposal for grant of formal approval for setting up the zone.

On the other hand, DLF has proposed to set up two SEZs in Haryana. The proposed investments for these projects are Rs 793.95 crore and Rs 761.54 crore.

The requests of these two companies have been placed before the Board of Approval for consideration, it said.

SEZs are major export hubs in the country as the government provides several incentives and single-window clearance system.

As on November 14, 2019, the government has approved 417 such zones in the country. Out of this, 238 zones are operational.

Exports from these zones grew by about 14.5 per cent to Rs 3.82 lakh crore in April-September 2019-20. It was Rs 7.02 lakh crore in entire 2018-19 financial year.