On the back of the monetary policy announced by the RBI on February 7th, State Bank of India (SBI) has taken the lead to cut interest rates on its home loans for all loans up to Rs. 30 lacs.

Rajnish Kumar, Chairman, SBI said, ''As the nation's largest lender, we have always kept customer interests at the centre. SBI has the highest market share of the home loans market and it is only appropriate that we empower the large lower and middle class segment by transmitting the rate cut announced by the RBI.''

State Bank of India (SBI) the largest commercial bank in terms of assets, deposits, branches, customers and employees; is also the largest mortgage lender in the country.

Shares of the bank declined Rs 2.25, or 0.79%, to trade at Rs 282.80. The total volume of shares traded was 79,040 at the BSE (9.49 a.m., Monday).