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State Bank of India cuts base rate by 5 basis points
January 30, 2013 / 2:17 PM / in 5 years

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.

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

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

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