State Bank of India (SBI) reduced its base rate or minimum lending rate to 9.70 per cent from 9.85 per cent effective June 8. This is the second rate cut by SBI in about two months.
While the Reserve Bank of India (RBI) has cut its lending rates by 75 basis points (0.75 percentage point) in three installments since January, the SBI has done so by 30 bps (0.30 percentage point) in two tranches.
Meanwhile, another state-owned lender Allahabad Bank cut base rate 0.30 per cent while Dena Bank, Punjab & Sind Bank reduced their base rate by and 0.25 per cent each.
The base rate has been be reduced to 9.95 per cent from 10.25 per cent, effective June 8, Allahabad Bank said in a filing to the BSE.