State Bank of India Cuts Base Rate by 5 Basis Points

January 30, 2013 3:26 PM GMT

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(Photo: Reuters)<br>State Bank of India
(Photo: Reuters)
State Bank of India

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.

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The base rate now stands at 9.7 percent and will be effective Feb 4, the bank said in a statement.

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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.

Copyright 2012 Thomson Reuters. All rights reserved.
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