State Bank of Mysore cuts lending rate by 0.25%
The base rate has been reduced to 10.25 percent from 10.50 percent, State Bank of Mysore said in a statement.
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The base rate has been reduced to 10.25 percent from 10.50 percent, State Bank of Mysore said in a statement.
Base rate is the minimum lending rate below which a bank cannot lend.
Loans linked to base rate of the bank will become cheaper by at least 0.25 percent.
Last month, SBI slashed lending rate by 0.25 percent to to 9.75 percent, the lowest base rate in the banking sector.
The decision by the country's largest bank comes a day after the Reserve Bank cut CRR by 0.25 percent to 4.5 percent injecting Rs 17,000 crore into the system.
SBI also reduced the benchmark prime lending rate (BPLR) by 0.25 percent to 14.50 percent last week. The rate cut would benefit those who availed of loans before July, 2010.
The base rate mechanism came into effect in July 2010 as a new transparent alternative to the earlier benchmark prime lending rate.
PTI