SBI says cuts benchmark lending rate by 25 bps

Sep 22, 2012 |

Reuters

mumbai

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India's biggest lender, State Bank of India, said on Saturday it has cut its benchmark prime lending rate, the interest rate that commercial banks normally charge, by 25 basis points to 14.50 per cent per annum with effect from September 27.

Earlier this week, the bank cut its base rate by 25 basis points to 9.75 per cent.

The Reserve Bank of India (RBI) on Monday cut the cash reserve ratio, the share of deposits banks must keep with it, by 25 basis points to 4.5 per cent.

Earlier in September, SBI had cut deposit rates between 50-100 basis points across maturities.

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