As the Reserve Bank of India cuts the policy rate by 25 basis points, many banks including the State Bank of India (SBI) reduced their lending rates.
India’s largest bank, SBI reduced its base rate from 9.85 per cent to 9.70 per cent with effect from June 8, 2015. Another State-owned bank, Allahabad Bank reduced its base rate by 30 bps immediately after the RBI announced the repo rate cut.
Dena Bank too reduced the base rate by 25 basis points from 10.25 per cent to 10 per cent with effect from June 8, 2015.
