Business

Lending Rate of SBI cut by 15 BPs Effective from Today

Mumbai, June 8: After the RBI cut repo rate by 25 basis points, nationís biggest lender The State Bank of India has reduced its base rate by 15 basis points. SBI reduced its base rate or minimum lending rate to 9.70 percent from 9.85 percent effective from today.

Where the Reserve Bank has cut its lending rates by 75 basis points (0.75 percentage point) in three instalments, the SBI has done so by 30 bps (0.30 percentage point) in two tranches.

On June 2, during policy review meet, RBI Governor Raghuram Rajan had urged banks to pass through the sequence of rate cuts to consumers. Despite two repo rate cuts by RBI, very few banks have passed on the benefits to customers, he had added.

-NNIS

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