The State Bank, PNB and Union Bank have reduced their benchmark lending rates by up to 90 basis points after the Prime Minister Narendra Modi has asked the banks to priorities their lending towards the poor and middle class.

SBI has said in a statement that it has reduced the marginal cost of funds based lending rate (MCLR) by 0.9 percent from 8.90 percent to 8 percent for one year tenure.

The Punjab National Bank (PNB) and Union Bank of India (UBI) also have reduced the benchmark interest rate by up to 0.9 percent.

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