SBI to cut interest rates on some loans

Mumbai: State Bank of India, the country's largest lender, will cut lending rates on loans that have high interest rates, Chairman Pratip Chaudhuri said on Tuesday.

Earlier in the day, the Reserve Bank of India cut its repo rate for the first time in three years by an unexpectedly sharp 50 basis points to give a boost to flagging economic growth.

But it also warned that there is limited scope for further rate cuts.