India's largest bank, State Bank of India (SBI) on September 14 has decided to cut the base rate by 5 bps to 7.45 percent from Wednesday.
SBI will also cut the prime lending rate by 5 bps to 12.20 percent.
Previously in April 2021, SBI had reduced home loans rates to 6.70 per cent and a special concession of 5 bps to women borrowers.
Base rate is the minimum rate of interest set by the Reserve Bank of India and is taken as standard rate by all banks. Banks are not permitted to lend at a rate below the base rate once set by the central bank.
The current base rate set by central bank is 7.30-8.80 percent.
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