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State Bank Of Travancore cuts base rate by 20 bps to 9.95%

The bank has cut its base rate from 10.15 percent to 9.95 percent effective October 5, 2015

September 30, 2015 / 02:23 PM IST
 
 
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In a move to mobilise credit growth, State Bank Of Travancore cut its base rate by 20 basis points to 9.95 percent.

The bank has cut its base rate from 10.15 percent to 9.95 percent effective October 5, 2015

The bank’s cost of funds, which stands at 6.5 percent, is expected to soften further, Jeevandas Narayan, Managing Director of State Bank of Travancore tells CNBC-TV18.
He expects the credit to grow on the back of increasing home and automobile loans.

This comes after a whole lot of banks cut their base rates including UCO Bank, State Bank of India, Axis Bank, Bank of India and Andhra Bank.

Transcript to follow.

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