SBI to cut base rate by 5 bps to 7.45%, also reduce PLR

Ahead of the festive season, the country’s largest lender, State Bank of India (SBI), has decided to cut its base lending rate by 5 basis points (bps) to 7.45 per cent, effective September 15. Also, it has cut its prime lending rate by 5 bps to 12.20 per cent. Last week, private lender Kotak Mahindra Bank slashed its home loan rates by 15 bps to 6.5 per cent, one of the lowest rates among the banking industry.