State Bank of India cuts base rate by 5 basis points
MUMBAI (Reuters) - 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 percent 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.
(Special Coverage: RBI POLICY REVIEW, click here)
(Reporting by Swati Pandey. Editing by Jane Merriman)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Ten years ago, the boss of Qatar Airways, who takes his first new A350 jet this week, warned Airbus it was flying off course. But it took another two years of sales setbacks and doubts at the highest management level before Airbus agreed to build the A350XWB to be delivered on Monday. That story is revealed here after interviews with customers, suppliers and industry sources. Full Article