SBI says cuts base rate by 25 bps

India's biggest lender, the State Bank of India, has cut its base rate, the minimum interest rate at which it lends, by 25 basis points to 9.75% with effect from today, it said in a statement late on yesterday.

India's biggest lender, the State Bank of India, has cut its base rate, the minimum interest rate at which it lends, by 25 basis points to 9.75% with effect from Wednesday, it said in a statement late on Tuesday.

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The decision came a day after the Reserve Bank of India cut the cash reserve ratio, the share of deposits banks must keep with it, by 25 basis points to 4.5%.

Earlier this month, SBI had cut deposit rates between 50-100 basis points across maturities.