India’s largest bank, the State Bank of India (SBI) on September 14 decided to lower its base rate by 5 bps to 7.45 percent from Wednesday.
The SBI will also cut the maximum lending rate by 5 bps to 12.20 percent.
Earlier in April 2021, the SBI had reduced its mortgage rates by 6.70% and a special 5 bps permit for women borrowers.
The base rate is the low interest rate set by the Reserve Bank of India and is considered the standard by all banks. Banks are not allowed to lend less than the base rate once set by the central bank.
The current base rate set by the central bank is 7.30-8.80 percent.
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