Thursday, October 1, 2015

SBI cuts Base Rate by 40 basis points to 9.30%


Mumbai, 29 September 2015: The State Bank of India (SBI), country’s largest commercial bank has cut its base rate by 40 basis points from 9.70% p.a. to 9.30% p.a. Revised rate will be effective from October 5, 2015.

Welcoming the RBI announcement, Smt. Arundhati Bhattacharya, Chairman, SBI said that “Overall, the policy announcement has a slew of positive surprises with the most notable being the projection of a benign inflation trajectory even throughout FY17 and reaffirmation of a continued accommodative policy.“

“The increase in FPI limit and the reduction in SLR & HTM will counterbalance each other. The proposal to reduce the risk weights on low cost housing loans will incentivise the banks. The decision to circulate a concept paper for increased usage of cards is a step in the right direction for a cashless society in quest for a digitised India” Arundhati Bhattacharya, Chairman, SBI also added.

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