State Bank of India cuts base rate by 5 basis points

MUMBAI Wed Jan 30, 2013 7:46pm IST

People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009. REUTERS/Arko Datta/Files

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/Files

Stocks

   

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)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Fuelling Change

REUTERS SHOWCASE

No West Indies Tour

No West Indies Tour

India suspends all future tours with West Indies  Full Article 

Pistorius Sentenced

Pistorius Sentenced

Oscar Pistorius jailed for five years for Steenkamp killing  Full Article 

Ebola Outbreak

Ebola Outbreak

Nigeria declared Ebola-free, holds lessons for others.  Full Article 

Inside Kobani

Inside Kobani

Turkey to let Iraqi Kurds reinforce Kobani as U.S. drops arms to defenders.  Full Article 

Apple Earnings

Apple Earnings

Apple's iPhone sales beat Street but iPad volumes slide.  Full Article 

Lingering Issue

Lingering Issue

Unfinished war in Sri Lanka threatens paradise regained.  Full Article 

De la Renta Dead

De la Renta Dead

Fashion designer Oscar de la Renta dead at 82   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage