HindustanTimes Thu,02 Oct 2014

State Bank of India cuts base rate by 5 basis points

Reuters  Mumbai, January 30, 2013
First Published: 19:55 IST(30/1/2013) | Last Updated: 19:56 IST(30/1/2013)

State Bank of India, the country's top lender, has cut its key lending rate, or base rate, by 5 basis points, R Venkatachalam, deputy managing director at the bank, told Reuters on Wednesday.


The base rate now stands at 9.7% and will be effective Feb 4, the bank said in a statement.

The Reserve Bank of India cut a key policy rate by 25 basis points on Tuesday to help support an economy set to post its slowest annual growth rate in a decade.

"It worked out to only 5 basis points. We are passing on the entire benefit," Venkatachalam said.

more from Banking

CCEA gives nod for IDFs to take over bank loans

In a move that could boost the cash-starved infrastruc­ture sector, the Cabinet Committee on Economic Affairs on Tuesday gave its clearance for infrastructure debt funds (IDFs) to take over existing bank loans.
Most Popular
Copyright © 2014 HT Media Limited. All Rights Reserved