Economic News

State Bank of India to cut base rate by 5 bps to 7.45%, reduce PLR

Posted by Administrator_India

By Administrator_ India

Capital Sands

Ahead of the festive season, the country’s largest lender, State Bank of India (SBI), has decided to cut its base lending rate by 5 basis points (bps) to 7.45 percent, effective September 15.

Also, it has cut its prime lending rate by 5 bps to 12.20 percent. Last week, private lender Kotak Mahindra Bank slashed its home loan rates by 15 bps to 6.5 percent, one of the lowest rates in the banking industry.

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