SBI sets base rate at 7.5 per cent

State Bank of India set its base rate for lending at 7.5 per cent per annum, after the Reserve Bank of India, country's central bank introduced the new lending rate system. The base rate would be effective from July 1. Bhatt added that the change would bring more transparency in the transactions. As per the new rules, the base rate will be applied when the customer comes for renewal of loan contract.