Mumbai: A With major infusion of fresh liquidity arising from the demonetisation measure, state-run State Bank of India said on Sunday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits.

The country's largest lender cut its marginal cost of funds-based lending rates (MCLR) effective from New Year's Day in response to a surge in deposits post the demonetisation of high value currency on November 8.