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SBI says cuts base rate by 25 bps
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People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009.
Credit: Reuters/Arko Datta
MUMBAI |
MUMBAI (Reuters) - 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 percent with effect from Thursday, it said in a statement late on Tuesday.
The decision came a day after the Indian central bank cut the cash reserve ratio, the share of deposits banks must keep with it, by 25 basis points to 4.5 percent.
Earlier this month, SBI had cut deposit rates between 50-100 basis points across maturities.
(Reporting by Indulal PM; Editing by Jijo Jacob)
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